Doesn’t work. There can be no default while a Central Bank can create money from nothingness.
The Soviet Union would still exist if their central bank had been empowered to create money beyond the Interior ministry’s five year plan. They made the mistake of thinking money had to be rational. They didn’t realize it was a substance from nothingness and could be created on a whim. But Bernanke has now let that cat out of the bag.
Jubilee will never happen, for the same reason.
All empires end. The Roman Empire had a lot of debt and nobody collected.