Keynes went into depth about this. The temporary government measures are never temporary and the point of the original original post is the fed has literally declared it's not going to be temporary.
This is my point and your point. That in the end it became the wrong thing to do.
>The only explanation I can think of is our insane national debt. It’s such an easy solution to inflate all the debt away. American monetary policy has been straight irresponsible.
Exactly right and without question the intention. The problem is that when the USA does this, the USD will no longer be the reserve currency. Nixon killed the bretton woods agreement and it was only a matter of time before the USD lost its reserve currency status. Afterall, Keynes was the dude who built this design.
Unless some unusual and unexpected thing happens soon. Most countries are going to see the USD inflation and either drop the reserve currency entirely and freefloat against the forex. Or they'll basket some new currencies in. Yuan, Pound, Euro.
Done are the days of the USD as the reserve currency. This will be a disaster for everyone who currently uses the USD.
I expect the IMF to make some huge unexpected swings.