There will be nothing to celebrate once rates go up high enough to “stop” inflation. The damage is done, prices won’t come down. We’re all just poorer. Just as Krugman prescribed.
Discussion
You are damn right. High enough rates wont stop inflation when the gov debt to gdp is above 130% and the trust is broken. This is not the 1980s when The US had 30% debt to gdp. What you will experience is hyperinflation, and its a very different animal that feed on debt default, scarcity of money to pay of debt and government spending. Buckle up we are in for a wild ride. Stack them sats!