And who created this advantageous financing environment? The Fed, of course. That's what central banks do. They are set up precisely to influence how much credit is in the economy. When America gets crushed by its debt mountain, it will be the Fed's fault. "The Federal Reserve's duties include conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices," according to its mission statement. Greenspan has done all he can to influence money and credit conditions. Unemployment is coming down and prices are stable, so it looks like he hasn't done so badly on that front, either. But it all comes back to the debt totals. As Wednesday's testimony shows, Greenspan thinks they're not too high. But if they are, his monetary policy gamble will unwind in the most horrible fashion.