The media has reminded the American people several times throughout this debt limit debate that the national debt currently stands at $14 trillion, of which conservatively $1 trillion is held by the Federal Reserve. The Federal Reserve obtained that debt through its complicated quantitative easing programs (Quantitative easing - Wikipedia, the free encyclopedia) –more specifically QE2-- but it is debt that the government essentially owes itself. Why? “The Treasury pays the interest on the debt on behalf of the U.S. government to the Fed, which in turn returns 90 percent of the payments it gets back to the Treasury. Nonetheless, that $1.7 trillion in U.S. bonds that the Fed owns, despite the shell game of payments, is still counted in the debt ceiling number, which caps that amount of total federal debt at $14.3 trillion.” (Debt Ceiling: Could Ron Paul's Plan Save Us From Disaster, twice? - The Curious Capitalist - TIME.com) Neither Republican, Democrat nor the media, despite all telling Americans that Armageddon will occur if something isn’t done, have brought up the fact that Congress could simply tell the Federal Reserve to dissolve the Treasury Bills it currently holds, effectively reducing the national debt by $1 trillion. Unlike all other proposals this one doesn’t endanger anyone’s retirement or pension because it is money that was literally fabricated from thin air. I believe we can all agree, from right to left, that this debt is in fact phony debt. Even the progressive/leftist ‘The New Republic’ (Ron Paul) agrees that this is a painless solution that would reduce the debt by $1 trillion and would give Congress needed time to address this issue. Of course this isn’t my idea—I wish I were so clever—it is the proposal that Congressman Ron Paul has been pushing since the beginning of this whole debt ceiling debate.