What would happen to you or I if we just printed our own money? If we were functioning as the US government then it would be perfectly acceptable.
Just in case you were feeling good about leadership here in the US:
Where have I heard this before? Oh yeah, the Germans tried this after WWI. The allies, in their obvious wisdom, made the German people pay off war debts. The Weimar Republic became the beginning of Hitler, and the "Third Reich" is what followed. They needed someone to pull them out of the economic depression that followed debt monetization. What they got was...well you know the story.
Debt monetization may not be the smart way to go. How about cutting some spending...
Many years ago we left the Gold Standard, and promised the world that we would buy the things that they produce. This was purposely done not only so that we could just print the money that we needed, but interlock our economy with those around the world. We continued with the welfare programs of the New Deal and lived in relative bliss. With the exception of that whole Jimmy Carter era. Only thing good to come out of him is a new submarine named after him, and some poorly built houses for poor people.
It seems the Chinese have it right. They see what the future holds, and apparently the US dollar is not in that future for them in the form of US treasury bonds. They bought our debt in the form of these bonds, and we spent all the money in a bill no one even read. We then dropped the value of a dollar by 4% in one day by printing money ourselves (1 Trillion dollar monetization).
I think the Chinese have learned their lesson, and will not be coming back for seconds. In fact, they have said publicly that they believe America is engineering a collapse of the dollar. Amazing that a communist country knows more about capitalism and markets than our own president. They have now started to invest their money into metals. Metal of choice...copper. With so many uses, why not invest in a metal so valuable to manufacturing as copper.
Maybe I'll hang on to my penny collection...just kidding.