What can the Fed expect if US defaults?

[phrenzy]

We often talk about the US tanking and not being able to pay out its 19 trillion loan. Should this happen, does the Fed, and its bank owners take ownership of the country? What are the ramifications?

put the crack pipe away Sammy it is that time of year it seems

like $36 by Easter predictions this is a fantasy

The USA's debt is all in US$$$ so IF they get in trouble they can just print their way out, then reset the currency like has happened many many times the world over already.

The problem isn't the fact that they couldn't pay, obviously as you point out they can by simply printing. The problem is that a powerful faction in Congress doesn't think they should and although some of them use the fiscal cliff as a bargaining tool there are others in positions of power that would genuinely happily let the USG run out of runaway and default.