> They want to repudiate foreign held debt, or devalue it, by revaluation of the USD

I don't understand, who's holding that "foreign held debt"? foreign countries I suppose, so which countries do you have in mind?

For one, it's not China, which holds a large amount of US treasury bonds (so basically, China is a lender of USD). So the revaluation of USD would work great for China: one, the value of the China-held USD bonds increases, and second, the price of Chinese exports decreases in USD terms.

So help me understand, what's the plan with the revaluation of USD?