Tom Usher commented or added the following:
"The failed QE experiments in Japan and the U.S. suggest, however, that there is a third alternative. Printing dollars to pay the debt (referred to by Russell as "inflating the debt away") might actually eliminate the debt without creating inflation. This is because federal bonds and Federal Reserve Notes are interchangeable forms of liquidity. Government securities trade around the world just as if they were money. A $100 bond represents a claim on $100 worth of goods and services, just as a $100 bill does. The difference, as Thomas Edison said nearly a century ago, is merely that 'the bond lets money brokers collect twice the amount of the bond and an additional 20%, whereas the currency pays nobody but those who contribute directly in some useful way. . . . Both are promises to pay, but one promise fattens the usurers and the other helps the people.'"
That sums it up. The American people simply instruct the government to print United States Notes (not Federal Reserve Notes) and use them to buy up all the debt (provided the debt was not created fraudulently). It also uses them to pay all unemployed people put to work on federal and state and local projects that need doing right now.
Simple! The depression is over almost overnight.
Economics is not hard.