So the argument is that we crashed the economy but at least we screwed foreigners over and not just social security?

Wasn't that the plan all along, people always said "Ballooning Government debt is fine since unlike normal debt Governments can just print money and never really pay back the real value".

Someone has to get screwed over when you do that, who do you suggest get screwed over?

That was a rainy day argument for not caring too much about debt. But what's happening now is we're raiding our savings account to pay for bath salts. No, it was not "the plan all along".

> But what's happening now is we're raiding our savings account

What savings, USA just takes on more debt it hasn't saved anything.

Other countries got screwed when doing that because the US used to have the world currency and could print money essentially without repercussions.

Note the past tense as this advantage is now gone with Trump.

I heard the term "bail-ins" used in this context. i.e. the elites will have to suffer the devaluation.

YES. About ~30% of people appear willing to experience a loss as long as they believe they're inflicting a greater loss upon other people, and this personality type is baked in young. In my vier it's not a coincidence that polled support for Trump consistently hovers around 30%.

https://www.science.org/doi/10.1126/sciadv.1600451

Not all policy is rational. Oftentimes it's atavistic. Surely you have noticed by now that Trump deals in emotional arguments, not reasoned ones.

> Domestic debt might not be such a big deal? Who is coming to collect?

Old people with retirement needs. A lot of that debt is borrowed from SS surpluses in the past, and now the system is actually in deficit (so needs what it lent out back and then some). I’m all for screwing over boomers, psychologically I’ve convinced myself they are responsible for Trump and this mess (not entirely true, but the boomers as a generation messed things up for us before Trump was president, anyways).

> As a headline "I reduced $7t of foreign debt" is pretty good.

Nobody cares about the big numbers when the wallets are empty.

So the full faith and credit of the US Treasury is thrown away just like that?

No one collects the debt. It’s just redeeming treasury bonds. If they are no longer good then the sub prime crisis is going to look like a minor economic wrinkle.