> Her explanation is just too abstract for a tyro.
>
Mine is almost certainly no better :-)
No, yours helped, thanks. From my point of view there are TWO local banks (yours, HSBC; and some unnamed Aussie bank). Also, there is a sequence of acts the article did not explain, which you did.
So, what I gather from the article, and from comments on this list, the USA owes far more than it can pay if foreign countries change heart and demand payment in their own currencies?
-- John K. Taber