Great questions and thank you! I am actually writing up my wild (emphasis on wild) guess about how it could play out. Honestly I thought a recession would have done it, but obviously I was wrong lol (since the COVID recession was just a blip economically if not socially). I think it might be a slow bleed where other countries diversify away from the dollar as the default store of wealth and currency to transact in, which reduces our ability to print. At the same time, the more we print (and debt we accumulate) or allow everything else to inflate relative to the dollar, the less effective each incremental printed dollar will be towards driving growth (including asset price growth). My wild guess is that these two factors ultimately get bad enough to drive a Treasury bond market sell off and a rise in private sector bankruptcies. And at that point, we will of course print, because we have no other options, but it will finally be the credit crunch that we can't print our way out of.