The problem is that our grandchildren won't be paying for it, we will when we're older and inflation is at 20% annually. Any cash we have saved up will be destroyed by this crisis.
Exactly and the American Sheople don't have a clue. They think the Federal Reserve is a branch of the government so here's what is going to happen. China will eventually stop buying the US's debt and they may even demand repayment on their outstanding balance. When that happens the government will have two choices -- either default on the debt or place the burden on the American Citizen. They will do that by convincing the American Citizen (through some sort of fear tactic - better to have something than nothing for retirement) to take what is left of their IRA/401(k) and invest it in "safe" government bonds under the management of the SSA. The government will then take that money and repay China and then the American Citizen will become another source for the Federal Reserve to feed from. This will continue until the back of the American Citizen is broken. Welcome to America. Now get your ass in line and buy our bonds.
You could buy CDS's without owning the underlying security, that's one of the reasons the problem is so immense.