The fed will have lost nothing, but you still show lack of understanding. If the government repays all the QE back to the fed, $4.5T of money supply leaves the economy. I take it from your comments you regard QE was not a good thing, which on some level I agree. So if the government demands, let say, 50% haircut, then $2.25T of QE remains in the money supply. QE becomes permanent.
What I understand is the the world financial system is on the verge of collapse.
The numbers will soon be meaningless.
All economic and monetary theory has been turned on its head in the West.
Debt that cannot be paid is no longer an asset but a fig newton of someone’s feverish imagination of value.
This will soon be happening everywhere.
Greece, Cyprus, Puerto Rico are but the harbingers of things to come.
Worldwide resets are looming.