I’ll reply to your other points later, but I do think a Day of Reckoning will come. I have no idea when that might be. Former Comptroller General David M. Walker thinks possibly 2-3 years from now. http://neosolomon.blogspot.com/2011/08/usa-3-years-away-from-greece-style-debt.html

This post is my darkest, most provocative vision of the American future as we reach the threshold and seminal moment of Public Debt > GDP.

I’m a lot older than you, so if you want to be an economist and futurist, I always keep 2 things in mind:

“It’s tough to make predictions, especially about the future.” (Attributed to Yogi Berra)

“An economist’s guess is liable to be as good as anybody else’s.” (Will Rogers)

~ David

I’m sorry, but that does not apply to the US. Not sure what you mean by Latin America, but for Spain/Greece, there is a fundamental difference between them and the US (including Japan, UK, Sweden, more others).

When Spain and Greece entered the Euro, they gave up their monetary sovereignty, turning them into currency users (like you, me, corporations, US States). They CAN run out of money and thus why it resulted in Austerity which ruined their respective economies. The US (and the others listed) CANNOT run out of money (operationally, there can be some BS political constraint like a debt ceiling).

Now I KNOW what the next question is going to be….But what about inflation! You can’t just monetize the debt and not expect inflation!

We’ll, first off, inflation is more than just a monetary phenomenon. There’s supply shocks which can boost inflation (Oil anyone?) and then there’s demand-pull inflation which comes from a strong economy. 
Al;so, Hyperinflation is not just super high inflation. If you read up on the actual histories of countries that experienced hyperinflation, you’ll see it was a result of exogenous events/bad outcomes like 
1) Foreign denominated debt
2) War reparations
3) War destruction which resulted in a collapse of the Economy
4) Massive corruption
5) Regime Changes

Most of these caused hyperinflation and most countries boosted it more after hyperinflation had taken place by printing more money.

So, to compare the US to any of those countries is irresponsible.
I don’t see any type of collapse coming which would result in hyperinflation, and the US cannot run out of money. And the fact that the FED controls rates, there is no need to worry that the bond market will rebel and demand higher payments! Just look at Japan! 20 years of their 10year JGB yielding under 2% despite increasing public debt (which is clsoe to 250% of GDP now).
 If that doesn’t persuade you that your status as a currency issuer matters, then I don’t know what will.