Secret government report: Such a thing as too little debt

Planet Money has obtained a secret government report outlining what once looked like a potential crisis: The possibility that the U.S. government might pay off its entire debt.

It sounds ridiculous today. But not so long ago, the prospect of a debt-free U.S. was seen as a real possibility with the potential to upset the global financial system. …

If Treasury bonds disappeared, would the world unravel? Would it adjust somehow?