"who pays for all the communal debts we've run up?"

Everybody in the world will pay. We've been exporting our inflation all over the world, leading especially to increases in the price of what people must have: food.

It will be nice to be the reserve currency as we inflate our debt away. That is, until it isn't nice anymore or until we are no longer the reserve currency.

Eventually, the food and other commodity-influenced prices will rise in this country to the point at which everyone notices - even the media and people who receive government benefits.

It will then be clear that we, too, are paying for all our communal debts.

The price we'll pay for this borrowed prosperity is worth the price, no matter when the bill comes due. Isn't the present "prosperous" economy just wonderful? </sarcasm off>.

I fear that we have sold our birthright (our future) for a bowl of pottage (temporary relief through debt).

Genesis 25:33-34

"... So Esau swore an oath, thereby selling all his rights as the firstborn to his brother, Jacob. Then Jacob gave Esau some bread and lentil stew. Esau ate the meal, then got up and left. He showed contempt for his rights as the firstborn."

Holy Bible, New Living Translation (©2007)

http://bible.cc/genesis/25-33.htm
http://bible.cc/genesis/25-34.htm