Certainly it is the current remedy for all that ails the financial structure around the world.
From the Australian point of view it really depends on how the world would look at the $Au if we did do that because it is one thing for the USA to get away with it but another for us.
By borrowing enthusiastically (by Australian standards) the government has in effect done this because they do not have liquid assets to cover the debt unless the sell the Sydney Harbour Bridge and other assorted tourist sites..
