Retire each existing Treasury bond, in exchange for a new monetary instrument called a "Federal Credit Receipt" (FCR). The FCR is essentially an IOU that is non-interest bearing.
This allows economic control over the bonds and where the value is directed. Rather than China selling $2 trillion in bonds, receiving dollars, and then spending them, the Fed & Treasury can decide what can be purchased and define the terms.
Example: Social Security can turn in some of their Treasury bonds for a Federal Credit Receipt. The FCR can be used to purchase a Texas Stock Market, with Fed oversight.
This controls inflation and gets the US out of debt, while rebuilding the economy.