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Warren Buffett calls the debt beam a “nuclear weapon, too abhorrent to use.” Obama administering official Jason Furman says the aftereffect of a absence on U.S. government debt is “too abhorrent to anticipate about.” When asked about a default, Wells Fargo architect James Kochan artlessly commented, “Holy cripes.”

With this crisis, America is risking banking Armageddon. The absence of Lehman Brothers on its $613 billion of debt afire a alternation acknowledgment in the banking system, about antibacterial the U.S. economy. A absence by the U.S. government on $17 abundance of debt — debt that has been advised the safest in the apple — could be far worse.

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But at heart, this is not a debt problem. It is an accounting problem. The Treasury Department issues U.S. debt, and lots of it. So you would anticipate that America is acutely accountable to its bondholders. Yet increasingly, it is the U.S. budgetary authority, the Federal Reserve, and not clandestine investors, who buys this debt.

So a simple band-aid to the impasse is as follows: Federal Reserve Chairman Ben Bernanke should artlessly aish the Treasury debt that it owns. The government can aloof absolve the government’s debt.

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This wouldn’t break the debt botheration entirely. The Federal Reserve doesn’t own all U.S. government debt; it owns alone almost $2 abundance of it. (Well $2,076,927,000,000.00, as of aftermost Wednesday, but who’s counting?)

Yet abandoning this debt would accord the government abundant allowance beneath the debt beam to administer its finances. It would end the debt beam collision in Congress, and it would anticipate a default.

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The debt captivated on the antithesis area of the Federal Reserve can be canceled after any cogent consequence, because it is a accounting antiquity agnate to the money supply. In essence, the government owes this money to itself. If I owe money to myself, I can aish that debt at will and after consequence, about demography it out of my larboard abridged and putting it in my appropriate pocket.

Last year, the Federal Reserve declared a “profit” of almost $91 billion, abundant of which came from absorption payments from the U.S. Treasury. The Federal Reserve again bound remitted about all of this accumulation appropriate aback to the U.S. Treasury.

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The Federal Reserve does this every year. Reducing or eliminating this unearned “profit” absolutely will accommodate a added astute appearance of federal finances.

I am a Democrat, and accepted as a progressive. But this abstraction was put advanced a few years ago not by me, or by a affiliate of my party, but by Republican Representative Ron Paul.

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He thinks, as do I, that the Federal Reserve’s affecting amplification of its antithesis area is artlessly a way of costs the government by press money. The Fed isn’t absolutely “buying” Treasury bonds, it is aloof absolution the government accounts its arrears by abacus to the money supply.

If this plan were enacted, there conceivably ability be some operational problems for the Fed, but annihilation compared to the daydream of a absence on Federal debt. Some of the Fed’s Treasury debt facilitates Fed accessible bazaar operations, which is allotment of how the axial coffer manages the money supply. Surely it would be abundant easier for the Fed to change its money accumulation administration techniques, though, than to amount out how to administer accessible bazaar operations application defaulted Treasury bonds.

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While abandoning the Treasury debt captivated on the Federal Reserve antithesis area ability be advised unorthodox, it is no added beatnik than the quantitative abatement that has added abundant of this debt to the Fed’s antithesis sheet. In any event, preventing a banking meltdown, with its accessory risks of absorption amount and amount spikes as able-bodied as amazing application losses, is absolutely axial to the Federal Reserve’s authorization of ensuring amount stability, best application and moderate, abiding absorption rates.

Bernanke could allay the debt beam crisis artlessly by abandoning the debt captivated on the Fed’s antithesis sheet. I’ve accounting to him, and asked him to do so.

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Let’s achievement that he does.

PHOTO: Federal Reserve Chairman Ben Bernanke listens to aperture animadversion above-mentioned to carrying his semi-annual budgetary action address to Congress afore the House Banking Services Committee in Washington, July 17, 2013. REUTERS/Jonathan Ernst

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