“To borrow” means: a promise to pay a debt. A debt is a contract. The debt/contract is a promise to pay and is issued by the United States Department of the Treasury in the form of bonds, bills and notes.
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“With legal tender irredeemable paper-ticket-electronic money, as long as someone, such as the Bank of Japan, the Bank of China, the Federal Reserve, or banks, will purchase government securities by creating money out of nothing (called “monetizing debt”), deficits can be funded without greatly increasing interest rates, and deficits can grow without limit (in theory). Also, government debt can be financed by pension plans and other institutions. Eventually, the debts are defaulted”
*Source https://financialservices.house.gov/uploadedfiles/091311parks.pdf
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