That pretense may reflect a useful taboo: if we overtly recognize that debt write-off/monetization is possible, politicians might want to do it all the time and in excess, not just in circumstances that make it appropriate. The historical experience of Weimar Germany, or that of Zimbabwe today, illustrates the danger.
央行可以在假装没有的情况下把债务货币化。这种假装可能反映出一个有用的戒条：如果我们公开承认债务注销/货币化是可能的，政治家们就可能时刻想着怎样去滥用它，而不是选择适当的时机去实施。过去德国魏玛政府，当今津巴布韦的遭遇都反映了这种风险。