I only disagree somewhat with one part of your post. That is, the influence that China has over us. When you owe someone a LOT of money, YOU control things more than they do because you have the threat of default. China wants their money repaid. Think of a loan shark or bookmaker. They don't kill their marks when the mark has run up a huge bill. They don't get their money back that way.

It would be a sad day if that ever happened here but, make no mistake, it's an option that will (quietly) be on the table.