Here's a chart of U.S. fiscal and monetary policy over the past century. 1920-2022
https://void.cat/d/QA9s23YTWhnrLSg4eQM8Fb.webp
Couldn’t this trend suggest that all non federal debt will be ‘replaced’ by federal debt? Basically, bailouts whenever non-federal debt gets too high or defaults increase. Result: QE infinity.