But if the US does use the inflation tax as a way to reduce the real value of its public debt, the risk of a disorderly collapse of the US dollar would rise significantly. America’s foreign creditors would not accept a sharp reduction in their dollar assets’ real value that debasement of the dollar via inflation and devaluation would entail.
但如果美国把“通胀税”当成解脱公债负担（令债务实际贬值）的捷径，美元在乱中崩盘的风险就会大增。不论是通胀还是贬值，美元走软都意味着外国债权人手中美元资产的实际价值急剧缩水，他们不会坐视不理。一旦大家开始争先恐后地逃离美元，美元就会大幅跳水，长期国债利率会飙升，随之而来的将是经济深深的二次探底。