Maybe I need to go back and re-read the thread, but my take-away was Mungofitch's concern regarding how t-bills would be handled vis-a-vis "non-US persons".

Mungofitch was talking about a tariff on foreign capital, which he would want to avoid. The problem he’s raising, though, is the implications of any Mar-a-lago accords on the treasury markets. If the Trump administration pursues radical ideas like a capital tariff or a compulsory century bond swap on foreign treasury holders, the run on treasuries could be catastrophic. Prices could collapse overnight, yields could explode, and the major market for US treasuries—our trade partners—wouldn’t be there to fill the gap because of trade wars and capital tariffs.

These loons seem hell bent on doing a major redesign of the world economic order in mid flight. These kinds of radical economic regime changes usually arise from crises rather than precipitating them.