There's a lot more than just 1.6 trillion which is really just one arm of the sprawling US bureaucracy "owing" it to another criminal segment.<p>This idea of repudiating the national debt is 30+ years old: <a href="http://mises.org/daily/1423" rel="nofollow">http://mises.org/daily/1423</a><p>Note the history of states doing it in the story and keep in mind that states used to have more power than today.