We talked about this in another thread, but what you're proposing doing is undermining the full faith and credit of the United States. I don't care who the enemy is; that's
no bueno.
Our best revenge against China would be taking them out of the international chain of commerce. Between us and Europe (and any allies in SE Asia, the middle east, and Africa that want to get out from under China's thumb), we need a massive effort to rebuild and restore our ability to produce important shit. China doesn't have any magical powers; we just decided as a culture that it's somehow better to save a few bucks on everyday products and undermine our labor market while lining the pockets of the rich, and China provided a convenient mechanism for accomplishing this task. They put themselves in massive debt and are incredible vulnerable right now.
If we're going to go spend trillions on stimulus - and I bet the bill is over $10T by the time we're through this mess - then let's spend it on a WWII-level of industrialization. I wanna see new chemical plants being build to manufacture pharmaceuticals. I want to see rebirth of the steel industry. I don't ever want to touch another piece of consumer electronics that says "Made in China". And if for some really good reason we can't do it here, then I at least want to buy stuff from countries that are aligned with our worldview and way of life.
But we have to be damn careful not to trigger any loss of confidence in our debt instruments in the process, especially since we're going to issue a lot more debt in the near future