I do not think who we owe the money to is as much an issue as the fact that when times are tough, we are eager to sell instead of sticking things out. Money is a concept. With the advent of technology, it is even more abstract. If China called in the debt, what do you think the government does? just give them the country? Of course they wouldn't. That is why the debt alone frightens me. If it came to calling in debts, the world would descend into chaos and we would be confronted with another world war.