The answer to panic about America's debt:
"The second mistake was pointed out, as best I recall from my high school researches, by Daniel Webster c. 1832. Then as now, there were vocal worries about foreigners owning too much of America. Webster pointed out that foreign investment meant, not that they had our stuff, but that we had their money. If push came to shove, if foreign governments tried to pressure the U.S. by threatening to withdraw their citizens' investments, we could keep it-refuse to pay back the debt. Their capital, after all, in the form of canals and the first railroads, was immovably located under our jurisidiction."
http://daviddfriedman.blogspot.com/2...-v-daniel.html