Just a couple of observations:
- demand, by a bill passed through Congress, that every man, woman, and child in the United States put all of their money in material goods.
Hold it. If I put $300 into a television set I no longer have the $300 but the television retailer does. You're going to have a hard time making that much money just disappear from the system unless we're all buying imports.
- Once that is done, have the Mint print upwards of 6 trillion dollars (arbitrary amount), and send that to pay off all the debt.
Send it where? Most debt is actually to the U.S.'s own citizens; suddenly, the only people in the entire country who have cash are people who previously owned government bonds. Besides the massive amounts of Japanese electronics into which we've all poured our life savings, the rest of us have zilch.
- Give the money a few days to digest, to travel through the economic system, and then have each man, woman, and child sell those material goods they bought not half a week before at a 1,000,000 percent markup, minimum.
Sell it to whom? The Japanese importers are not going to see why the equipment they sold to you a week ago is worth even as much (because they only manufactured it due to an artificially inflated demand), let alone a million times as much. Besides, where are they going to get the $300,000,000 it would take to buy the T.V. back when they only have the $300 you paid for it a week ago?
- Sure, the debt was 4 trillion dollars, but now a Miller High Life six-pack is up from $3.50 to $400,000,000, so it's no longer a problem.
Ah. But just as the six-pack has been inflated a millionfold, so has the national debt. Now you have to deal with a $4 quintillion ($4,000,000,000,000,000,000) debt to pay off, so all you've done in this entire scheme is manufacture ridiculous inflation and default on all governmental debt.
So, the U.S. economy has crashed like a Ford Explorer with Firestone tires, no one trusts the U.S. Goverment's credit rating, and wealth has been randomly redistributed. Clearly, everything dependent on a budget of U.S. Dollars, such as the U.S. military, would be in ruins. From there, how long does it take Saddam Hussein to launch all of his anthrax, ebola, nuclear, dirty, and chemical bombs anywhere in the world he pleases? How are the other countries of the world going to stop him when the world economy is a smoking husk? The world would collapse into mutually destructive, technologically potent, totally unrestrained war. And Jesus hates killing.