https://nymag.com/intelligencer/2022...l-economy.html
In the end, a government and central bank can’t save both the currency and the bond market. Ultimately, they’re going to have to choose one or the other. The big political consideration is that when inflation is high, that’s when the citizenry gets very upset. Throughout history, people typically don’t revolt when their standard of living is increasing, and they do revolt when it’s declining. So from a political perspective, these governments are having a hard time dealing with inflation because the population is upset about it. But governments almost always will choose to sacrifice the currency rather than sacrifice the bond market.