“If the govt can’t collect taxes nor borrow new money to pay off old debt, it loses everything.”
What do you mean? The government of the US is not like the businesses you saw bankrupted in the 80’s. When it has debts it can’t pay, it just revs up the printing press and pays out the dollars. Just like other governments have done the world over that have their own currencies. The result is a devaluation of the currency, of course. But nobody comes in and repos the roads, bridges, rails, etc...
” But nobody comes in and repos the roads, bridges, rails, etc... “
Yet..
Again, think USSR..........................