That’s a good way to put it.

From brave AI

Characteristics of Fiscal Dominance

Fiscal dominance refers to a situation where a country’s fiscal policies, particularly its debt and deficit levels, become so significant that they override the effectiveness of monetary policy in controlling inflation. In other words, when a government’s debt exceeds a certain threshold, it can no longer rely solely on monetary policy (interest rates and money supply) to manage inflation, as the central bank’s actions become less potent.