America already ran this experiment
America already ran this experiment. 1942 to 1951, the Fed pegged the long end for nine years while postwar inflation hit double digits. Bondholders got every dollar back. The dollars bought half as much.
The debt never defaulted. It dissolved.
That’s the game Kevin is describing. Crashes get printed away, the bill comes back as inflation, and the hard part stops being surviving a 2008 and becomes earning a real return.
They can print whatever it takes. They can’t print power, chips, or gold.