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. We propose that the Obama Administration retire the National Debt by instructing 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. The Treasury issuing long term securities and the Fed subsequently buying them, is functionally identical to the Treasury simply not issuing those securities in the first place.