In this video, I discuss the problems that arise if you try to avoid a sovereign debt crisis by "canceling" a country's debt.

For example, a T-bill is a liability of the US government, but it is an asset on your own balance sheet if you own it. Canceling government debt means wiping out assets on the balance sheets of individuals and families, corporations, pensions, and even nation-states and their central banks.

This is why it is most likely that the current enormous global debt load will be resolved through money printing and confiscation, rather than a debt jubilee.

Entitlements will be paid out in full. The US will government will not explicitly default on its debt. Everyone will get paid out as promised, but with US dollars that have much, much less purchasing power.

Keep only as much money in fiat as you are willing to lose.