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I think a lot of our debt is held by foreign nationals, and foreign financial institutions. Sorry, I'm shooting from the hip on this one, by I seem to remember that vast amounts of the bond and T-Bill issues are held by international banks as a means of stabilizing their financial holdings.
Again, this is conjecture, but it seems like there are positive effects to this type of debt. One would be a stabilizing function on the world economy at large. American backed notes are just about the most secure financial holding you can have. This allows smaller economies to purchase a foothold in a secured market, and not stand and fall solely on the strength of their local markets.
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