"The Fed is a private organisation and at some point may question the solvency of the government and refuse to accept the IOUs"
I don't believe that will ever happen,it's my opinion that the fed or the people behind it remove liquidity from the system to push the government to the edge to ultimately get what they are after,everyone's money.Once they have what they want they will turn the liquidity tap back on (lending)and we will all be scratching our heads wondering what has just happen.
