These are great points you're making. And I think the way you are making them is very intuitive. It is impossible to default on a currency you control. You just print some more space-credits. I think you sum up why you should always be printing space-credits nicely.

Reminds me a bit of what Paul Krugman has been saying over on his NYTimes blog: http://krugman.blogs.nytimes.com/

> Why don't more people understand this? Partly it's because the growth of the economy is a historically new phenomenon, dating back only about 150 years.

I personally think the reason people don't understand this is because they think that a government should be run the way a family should: save and don't live off credit.