This June 2025 newsletter by Lyn Alden, an investment strategist, examines three common misconceptions about the US federal debt. First, it debunks the idea that the US "owes the debt to ourselves," illustrating that debt is owed to specific entities, both domestic and foreign, and that default carries significant consequences, even if selective default on foreign entities or the Federal Reserve is analyzed as a remote, yet problematic, possibility. Second, Alden challenges the belief that the debt is perpetually manageable simply because it has been for decades, highlighting recent economic trend changes that make current deficits more impactful. Finally, the newsletter counters the notion of an imminent dollar collapse, explaining that while the debt has real consequences, the dollar's entrenched global demand provides significant resilience against immediate catastrophic devaluation, likening the situation to a slow-moving "dial" rather than an "on/off switch." The author concludes by noting how these insights have informed her investment strategies, including a continued bullish outlook on Bitcoin as a scarce asset.