It will just take time... (which the government has)

If the US economy were self contained, then yes, they have time. But it is not self contained in the way it was after the Great Depression - in particular it is not self contained in terms of its energy needs or its gigantic debts.

The current and future creditors of the US will IMHO certainly not be foisted off with the US plan. China in particular is getting extremely restless.

This

China urges new global reserve currency | The Australian

CHINA has called for the creation of a new international reserve currency to replace the US dollar over time, laying down an unusually direct demand for an overhaul of global finance ahead of next week's summit to craft a response to the financial crisis.

is only two hours old.

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky