I tend to have the same outlook, i.e. the US govt will be hard pressed to "afford" high interest rates, but I struggle with your statement about QE. QE does no

I tend to have the same outlook, i.e. the US govt will be hard pressed to "afford" high interest rates, but I struggle with your statement about QE. QE does not reduce inflation - QE,i.e. printing money to buy debt that is not productive - would devalue a currency and increase inflation. QE is only made possible by deflationary pressures existing elsewhere. Such as Japans shrinking population and lack of productivity growth. Inflation is how a debt load becomes affordable again. Is that not correct?