There is no bankruptcy court for sovereign nations. When a country becomes insolvent the procedure for handling the bankruptcy is to debase the currency until it no longer has value and in this way they wipe out their debts. The US is now completely insolvent and in the process of going through bankruptcy by printing and debasing the currency. Holders of a nation's currency are analogous to stock holders, they are the ones who need to take the losses during the bankruptcy event. Holders of assets are equivalent to the bond holders, they take a hit but still retain a portion of their wealth.
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