I respect your comments but this is not true.

"no money in the system available to purchase bonds without such deficit spending." This would only be true if the bonds were required to be held only by U.S. entities, (which even if it was law those entities could get foreign loans using the bonds as collateral). There are other sources of money that don't require deficit spending and if the return on bonds were high enough entities would sell other assets to buy the bonds. Sell stocks for instance to buy bonds. This does not require deficit spending. When the U.S. ran a surplus the Treasury was still able to sell bonds.