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Originally Posted by IllTestYourGirls
It would have been very hard.
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That's pretty vague. I'm going to go out on a limb and say this is a large understatement.
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But not as hard as what will happen in the next ten years when interest rates go to 20%+
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I don't doubt that rates will move higher at some point, but you are offering an extreme speculation that may or may not unfold. You say this based on a future realization by the market based on things that are happening today as if you know something that the market as a whole does not. That's not very convincing.
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USD is no longer the gold standard for oil and our debtors come calling for their money. 
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I can certainly envision the dollar losing the dominant role that it has enjoyed, but your ending statement is either misstated or based on a lack of understanding of the debt in question.
First, they are creditors, not debtors. Second, there are no put options on treasury debt. The issuer sets the rules, not the purchaser. The best the creditor can do is sell it on the open market.