There is no way other countries would stop accepting the US$, as long as the US has things that those other countries want to buy. The US has a lot of those things ranging from food to high-tech, so there's absolutely no risk that other countries would totally reject the US currency.
Yes, the exchange rates may well decline further, and this will force you to reduce your net imports - but that's only fair. You can only profit from other countries' work for so long without sending something tangible in return.
And as far as the "addiction to debt" is concerned, it gets a bit old to repeat the same things over and over again, but have you heard of the sectoral balances? Analyze the flows of money between the three macroeconomic sectors (the federal government, the domestic private sector, and the foreign sector), and it should become clear to you that the massive increase in debt over the last two years is simply a reflection of the fact that the US private sector has managed to amass insane amounts of wealth. [1]
The distribution of that wealth may be very lopsided, but then it's the distribution of that wealth that needs to be challenged, not the buildup of debt.
[1] Part of the debt build-up obviously also reflects foreign holdings, but the one thing that really stands out in the last few years in the US is how the private sector has gone from a deficit to a surplus as people attempt to fix their balance sheets.
Yes, the exchange rates may well decline further, and this will force you to reduce your net imports - but that's only fair. You can only profit from other countries' work for so long without sending something tangible in return.
And as far as the "addiction to debt" is concerned, it gets a bit old to repeat the same things over and over again, but have you heard of the sectoral balances? Analyze the flows of money between the three macroeconomic sectors (the federal government, the domestic private sector, and the foreign sector), and it should become clear to you that the massive increase in debt over the last two years is simply a reflection of the fact that the US private sector has managed to amass insane amounts of wealth. [1]
The distribution of that wealth may be very lopsided, but then it's the distribution of that wealth that needs to be challenged, not the buildup of debt.
[1] Part of the debt build-up obviously also reflects foreign holdings, but the one thing that really stands out in the last few years in the US is how the private sector has gone from a deficit to a surplus as people attempt to fix their balance sheets.