This is a favorite topic of your average conspiracy theorist, but the fact of the matter is that most people don't really know how US money works.
Granted, the Fed is a private corporation and does regulate the flow of the US Government's money, which might seem strange, and actually is very strange when compared to the rest of the world. However, this "corporation", is really nothing more than a collection of the 12 regional Federal Banks, and their chairman, and since their banks route all of the money that goes through the country, its really only logical that they be the ones that regulare the flow. (You know those routing number on the bottom of your checks? Those correspond to the 12 regional banks) Furthermore, the 7 members that make of the Board of Governors in Washington (the people in charge) are all elected by the Senate and must be approved by the President. (So, the government is VERY much in control) They in turn, appoint the directors for the regional banks, and clearly have made a mistake in appointing the fellow who wrote this paper.
It seems like the author is worried about the baby-boomer generation, and the ability of subsequent generations to pay for their medicare, social security, and private debts. All are very valid concerns, especially when you consider that baby-boomers make more money than the rest of us. So this guys is worried about being able to pay the expenses of the people who have all the money in the first place.
So, what does this mean? Well we could do some complicated economics math that none of us are really very likely to actually understand, or we could take a step back, and think logically about this for a second. The baby-boomers have all the money because they have the best jobs. So when they retire, what happens to their job? It doesn't just disappear, that's for sure. Someone from a subsequent generation gets hired for it. And here's the best part: since the baby-boomer generation is SO much larger than the other existing generations, we stand to become a much wealthier nation, because fewer people will be holding all of that money.
Don't worry, nothing's going to happen to your money, and the US. is nowhere near bankruptcy... well no nearer than any other country is, anyways.