Is there an economist in the house?

As per the subject-line, I'd be most interested in anyone with a background in economics having a look at this article. Mostly, I'm interested in knowing whether the author's explanation of how the (American) monetary system works is accurate, though if anyone wants to have a go at whether or not her solution to the current fiscal problems are is sensible, I'd be interested in that, too. (Cross-posted to talk_politics.)

P.S. Nellie, I heard and will obey as soon as I can!