@jack mallers regarding inflating the debt away, does it not make sense to first let rates go high in a crisis, so that the treasury can buy up debt at pennies on the dollar, in advance of the Fed monetizing the newly issued debt, putting a bid under it at lower rates than what was bought back?

Seems like Warsh and Bessent may be two hands of the same actor if this is the case.

Also, how much even needs to be broadly inflationary? If you can instigate a deleveraging event in the private (or better yet, offshore) banking system, can you not just have the Fed's newly printed money replacing the private sector deposits, being, as @Lyn Alden puts it, antideflationary rather than inflationary, as QE was?

Sure blown up banks will sell their treasuries, but there's a LOT of other collateral in repo that the treasury could be more than happy to let die.

If anyone can pull this off I have to assume it's Bessent. Curious if you see a hole in this. Cheers on the great show as always.