Some people might respond to this by thinking that Ron Paul has been smoking some of the wacky weed he wants to legalize, but he has a plan for avoiding imminent Debtpocalypse: Set $1.6 trillion in Treasury debt on fire.

More specifically, Mr. Paul, an energetic critic of the Federal Reserve, suggests the Fed simply take a match to the $1.6 trillion in Treasury obligations it currently holds on its balance sheet as a result of its various QE programs.

Presto,...