Yes, and with the amount of debt the US has (over 120% dept to GDP), the economy cannot function without low rates, without negative real rates (for long enough

Yes, and with the amount of debt the US has (over 120% dept to GDP), the economy cannot function without low rates, without negative real rates (for long enough until debt to GDP declines). Without new money pumped into the system it collapses, without steadily increasing asset prices (at least assets not declining for long) the system collapses. The interest on debt will crowd out everything else and put economy in depression if rates rise meaningfully. With energy becoming more expensive than in decades past ("peak cheap oil"), there is not enough real growth to keep the system going without injections of money/liquidity. Inflation, however painful, is baked into the cake and is the only real path to devalue the debt. Cutting spending, cutting entitlements, cutting defense, raising taxes...all are politically near impossible and would put US economy into massive depression.