That’s called a Default ... and it’s coming.
No, with China it would be called a valuation of stolen property applied against our outstanding debt.
One day, the world loves our Treasuries and everything is fine, and we’re rich.
The next day, the world won’t buy another Treasury, everything goes to heck in 24 hours, and we’re poor.
We don’t have to default. All we have to do is lose trust. And that will happen all around the world simultaneously at the speed electrons can fly.