If not, no more money to print. Who first? Food stamps probably, then various other social welfares. Folks suffering most already will pay the highest price, as usual. No new taxes in an election year of course.
Oh you're right it'll be ugly! Think we gonna vote to pay China bonds when 60M Americans go to live on the streets!! War? Maybe. But I said from the start "a REAL crisis," not 'willy nilly let's just take this action tomorrow morning.'
You suggest putting the Fed into receivership and striking a "grand bargain" with all the foreign holders. Good luck getting votes on that platform TRAITOR!
All the while a local member of Congress near you writes naked calls on UUP the whole way! The Fed is not the problem!