Nope. That is not going to happen. Instead, an insidious and crushing tax will be imposed on everyone; rich and poor. It will actually affect the poor the most, even those who don't work, although it will also disproportionately penalize those who have saved and invested. The tax will be invisible, and it will allow politicians to continue to claim that "not one penny of anyone's Social Security has been cut."
The tax is called debt monetization. Get ready for Russia in the late 1980's.
Our friendly Federal Reserve has been in the ‘debt monetization’ business for 99 years now. What worries me is when Big Brother gets around to ‘wealth confiscation’. That’s when it’ll really get ugly. And I wouldn’t put it past our commies in high places to go for it.
http://www.americanthinker.com/2011/03/confiscate_americans_wealth_to.html