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Usually in the past, rulers understood they need to go back to a gold standard at some point. It is surprising this time they dont seem to.

What illusions of wealth will collapse? Currency units?, house valuations, incomes, the stock market - are these illusions of wealth?

I think Trump genuinely thinks he can deal his way out of debt.

He's taking over industry, Nvidia USA, Intel etc...

He's selling citizenship for $5M per person.

He's now charging $100K for foreign workers to come to the U.S. (H-1B)

Tariffs, up to 100% on some countries / goods to stimulate manufacturing and reverse the Triffin paradox.

But if not, then pegging the USD back to gold or Bitcoin would be difficult.

With regards to Bitcoin, I wrote an article about my concerns with this here:

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Thanks, that was worth a re-read.

I think you are right and the world also seems to mostly want weak fiat money too, or it would be more strained than it is.

I think there is no chance bitcoin would back any fiat, they dont want hard money constraints on their printing.