Retire the National Debt

The United States of America has a debt-based fiat monetary system — where government-issued money would not exist without the "National Debt". This creates a paradox in that the Debt cannot be paid down without bankrupting the private sector's savings. The political pressure to "pay down the debt" only causes unnecessary confusion and political infighting. As the US is a sovereign currency issuer, we propose that the Obama Administration retire the National Debt altogether and issue debt-free money. To gradually implement this plan, the President should instruct the Treasury to immediately cease issuing securities longer than 90 days and instruct the Federal Reserve to maintain a 0% fed funds rate. This will serve to lower long-term rates and support investment, including housing.