Great discussion. I agree with short-term deflation followed by long-term inflation. Not because I have worked out the mechanics of the various actions taken already, but because that’s where the dominant incentives lead us.
My personal hedging instrument against inflation, besides real businesses (e.g. equities), is the Yen. It’s still relatively cheap on a purchasing power basis, and the government and people of Japan seem a lot less prone to high inflation than the US govt and people. I’d be happy to diversify amongst the cheaper currencies (on a PPP basis) of other inflation-allergic countries, but the instruments are not all as easy to use as Yen/dollar futures.
