In this interview he outlines the frightening dilemma in which we find ourselves. The ratio of government debt to GDP is over 100 percent. That means that every 1% increase in the interest rate on the debt increases the deficit by $200 billion, implying that much in extra borrowing is necessary or else that much in increased tax revenue. But, when the public believes that the government will not be able to pay off the debt, ever, it becomes impossible to sell additional debt. In fact, when the Fed raises interest rates the increased fiscal obligation that this implies will cause debtholders to try to sell, pushing interest rates even higher.
One option is for the Fed to buy the debt and "destroy" it, thereby reducing the governments obligation. But this implies increasing the supply of money producing higher inflation - effectively depreciating the debt away. It is a kind of default. And inflation always has very bad results, especially for the poorest of society. [We are talking double digits here and massive recession.]
The only long term solution is to run balanced budgets producing steady economic growth and lower levels of government debt. We are a long way from here to there.
If you want to know about this read the article very carefully.