So what happens when people get scared again and we have another large downturn? The idea people seem to have is that the Fed will step in. Maybe buying stocks

So what happens when people get scared again and we have another large downturn? The idea people seem to have is that the Fed will step in. Maybe buying stocks like it buys bonds? It's following the Bank of Japan playbook so that's next, I suppose. At that point, doesn't inflation become a major concern, though? The reason people aren't holding bonds and cash anymore is not that they are fearless or that there is no return on the money like there used to be. They're actively fearful that holding cashing or bonds is just being a chump for when the indirect money print ramps up. There are only two ways I see this going. Rapid inflation followed by a new currency made with a real promise of backing (probably not crypto). Or a stagnation of the economy for a long time. Maybe there is a third way. I'd love a different perspective because both of these sound pretty painful.