Grant's on public debt, money creation and price inflation

Over the past three months, the public debt has fattened by $2.5 trillion.  Lots of money creation and heavy public spending may or may not guarantee rising consumer prices, but wouldn't we feel silly if a big inflation did come along and we had to tell the grandchildren that they were inheriting long-dated bonds denominated in the very paper that the government had pledged to devalue?

~ Grant's Interest Rate Observer, June 12, 2020

Hank Blaustein, 2012