This is what fiat money bankruptcy looks like

Countries don't go bankrupt, their currencies just lose all of their value.

That's why Greece was going belly up earlier this year:  it didn't have the ability to go bankrupt on the sliding scale like it used to.  Fortunately (or unfortunately based upon your perspective) the US has the ability to repudiate its debts by passing increasingly worthless paper to our trading partners.

Until they stop taking it, that is.

Magic money machine indeed.