I think bond holders are absolutely going to get screwed. The USD has been the world’s reserve currency since WW2, at least. That works just great and fine for everybody... right up until it doesn’t.I strongly agree with what you've said here. Most of us have been looking at the past to deal with current problems. I don't think that's wise since people are aware of these historical problems and will have plans in place to deal with them. We have to think differently.
The big question is......
Who's going to get screwed over by the explosion? Historically, it's been the taxpayer/citizen but I don't think the population of the U.S. is going to put up with it. It's heresy as far as historical precedent, but I think there is going to be a bid to screw over the bond holders.
I think when the U.S. splits up, everyone’s going to discover what happens when the reserve currency fails.
Could lead to a worldwide depression, wars, whatever. Even for me, it’s kinda depressing to think about.
We’ve been riding the crest of a wave triggered by WW2 (or arguably WWI). For the last 75 years we’ve had a period of unprecedented (Relative) peace, stability, and prosperity, like the world has never seen on this scale.
It’s looking that American wave might finally be breaking, and there’s a real chance it’s going to wipe out and take a lot of major powers with it. But that’s getting a view that’s way up in the clouds.
We’ve got plenty of problems to focus on right here at home that are going to get very real, very fast.
Edit: With regards to Bitcoin et al.... I’m not optimistic that if America crashes and burns, the global integrated electronic financial system is going to be something people have a lot of faith or interest in for quite a while. That includes crypto. Things will probably revolve around oil, rare earths, and other raw materials.