The country is caught in a cleft stick. To kill off inflation, the interest has to rise quite substantially (several per cent at least). But if the interest rat

The country is caught in a cleft stick. To kill off inflation, the interest has to rise quite substantially (several per cent at least). But if the interest rate rises, the country can't afford to pay it. (2% rise in interest rate on $30 trillion means an increase in the interest bill of $600 billion - roughly the size of the defense allocation.)