The U.S. dollar's global reserve-currency status gives the U.S. a huge advantage over most nations. Your foreign debt is denominated in your own currency. When you create inflation, you partially default in the foreign debt -- the dollars you pay it back with are now worth less than the dollars you borrowed were worth. That's the opposite of how it works for almost every other nation.
“...defaulting on retirement accounts held in life insurance, mutual funds and other types of pension schemes...”
Argentina previously had a higher participation rate in personal retirement accounts, similar to our 401k plans, than the US had.
A couple of years ago, the Fascist Argentine government confiscated all of the individually-owned plans, and gave nothing in return.
Shortly thereafter, some Congressional Dems said publicly that the US should consider the same thing. Obama’s buddy, Van Jones, said, “The US isn’t broke. Look at all the money we have in individual retirement accounts!”
It’s coming. They can use any Orwellian terms they like, but it will amount to the same thing; theft by government.