Yeah, it’s either that, large-scale debt defaults or a debt jubilee. Historically, those are the only ways out of the inflationary trap once it’s gone this far. If Obama and Bernanke had had the stones to not bail out banks and bondholders during the financial crisis the defaults would have been painful (particularly for Wall Street and private equity, but also for retirees depending on pension funds) but left us in a much more sustainable position once all the bad debt was cleared off the books. But of course they couldn’t do that, it would have benefited Main Street at the expense of Wall Street.