They don't have the worlds reserve currency nor run twin deficits, fiscal and trade. Their defense is largely supplied by the US also.

So much different outcome for US with large trade deficit and ever growing fiscal deficits. Some argue if we did go the route of Fed monetizing (which almost certainly has to happen) the $ will be value much lower than it is today. This would help to close the trade deficit though, and repatriate some lost industrial capacity, boosting exports.