By Richard Russell in Dow Theory Letters:

How will America handle its multi-trillions (and counting) of debt? The US will have to renege on part or all of our debt. Or the US will have to try to print us out of our debts (but supposing the dollar loses its reserve status?). Or America will have to raise taxes and hunker down into a massive saving and low-consumption posture.

Any way you look at it, we've spent it. We've spent it in a wild effort to beat the primary bear trend. But have we really beaten the bear? How to pay off the debt or even carry it will be a huge question. But neither Bernanke nor Geithner will have to answer that question or even deal with it.

The problem will fall to future generations -- your kids and mine, or our grandchildren.

Which is why I say the current generation will be the first in US history that will NOT be able to say, "My kids will enjoy a better life than I had."

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from Richard Russell:

The great Richard Russell: Put the Fed out of its misery

Richard Russell: After the rally could come a vicious collapse

Richard Russell: Gold should move higher no matter what happens