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With the money back under the US Treasury, the Treasury will control what moneys the US can receive from foreign countries. It's like a tariff on money.
With such a tariff, foreign countries can play Monopoly with each other. With the import tariffs in place, Americans will get to work manufacturing their own products.
On paper, it indeed sounds interesting and it could actually work if implemented, but there will likely be many flaws which could have such a plan to eliminate the USA debt to be doomed to fail, because of those tarifs on money people and institutions from outside of the country will get encouraged to participate in a black market of money, basically, they would try to smuggle as much money as possible into the United States so they do not need to pay those tarifs, if enough cash starts to get into the country, then i flation would start to raise, obviously.
Also, you have to keep in mind the USA has put itself I to a position in which companies and the people have become very comfortable by manufacturing products overseas and importing them, all for the sake of low prices and more profit for companies. Artificial tariffs may not be enough to incentivize manufacturers to stay in the United States... Not even mentioning the increase on prices after goods are made in USA for USA. It is not the same paying a person in China than someone in your nation.
It's difficult to predict what would happen. Probably, in all of what you say, giant corporations will be reduced in size, or will be rebuilt smaller by individuals.
Back in the early 1970's, you could buy a big Harley Davidson motorcycle for $6,000. Then, suddenly, all the big motorcycle prices jumped to like $25,000. That's when the controls took over.
Cabala would keep those controls on things in place. But Trump would remove them. With Trump, the prices would gradually come back down.
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