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What is the connection between the national debt and bank assets?

Abbreviated Question: 
What is the connection between the national debt and bank assets?
Answer: 

A fundamental principle of accounting is that the liabilities of one party are the assets of another. National debt is simply the amount owed by the federal government – that is, its liabilities. Some other party must hold these as assets, but it need not be banks: households, other financial intermediaries (such as insurance companies and pension funds), and foreign governments all hold substantial amounts of U.S. government debt as assets. Likewise, banks can hold claims on debt issued by entities other than the federal government – for example, residential mortgages or corporate bonds.