i) enrich insiders beyond their wildest dreams, insuring their dominance for a generation to come.
Hmmmm, which insurance company is going to “insure their dominance?” The proper word in this context is ensure.
Sorry but that’s a pet peeve of mine.
Back to the point of the post, we are really in uncharted territory. We might have an Argentina-style scenario here, but of course Argentina isn’t exactly a world power. The USA is a different animal. We have the world’s most powerful military and are basically untouchable due to our geography (oceans on either side, friendly/controlled neighbors to the north and south) and our nuclear deterrent. This is one porcupine that no one will mess with.
Maybe a Japan-style lost decade of deflation? Well, Japan is a nation of hard-working savers with a very conservative central bank and government. The USA is a nation of spendthrifts with a very liberal central bank and government, at least as far as spending goes. Also, Japan has an aging stable population while the USA has a growing young population thanks to our liberal immigration policy.
My bet is for a Katy-bar-the-door stagflation. Owe the world a bunch of money? No problem, just make the money worth a lot less. Of course we will have a stagnant economy at the same time since our economy is dependent upon credit and consumer spending.