Wikipedia's page on the Federal Reserve, particularly the section on 'Purpose' would seem to disagree with you. But it is only wikipedia and may well be inaccurate.
Which means, if bitcoins were to 100% replace US Dollar today, the US Government would have to immediately default on the treasury.
I get the sinking feeling that when Bitcoin takes off for it to make any kind of fractional dent in society, it's going to be squished like a bug. After having been linked to WMD's and terrorism.
