So true inflation is a couple of trillion dollars

The loose change left over from the Nixon gold default.  What we call inflation is not, it is sellers hedging the Trump Default, we have always hedged the event. Third time through, folks, the loop was priced we know the sequence.

In accounting terms it is simple, all the 'money' is double entry accounting money, except the lose change. Thus, we follow the Euler path, as long as possible. Then, we get one final price revision, going back forty years, and we can't meet the cash demand, we default.

By how much?

What was the innovative productivity gains since 1973? All of those should have been price neutral, they were not priced. Instead they resulted in a steady stream of increasing social insurance. Congress is in the insurance business, and we can all chalk it up to the currency insurance business in our model. That business is bankrupt, Congress cannot meet the deflationary needs to 'unhedge' forty years, we will default.

What is the number?

My guess is about 8 trillion, the debt accumulated since the crash was mostly un-Euler, it was an unaffordable bailout and we should have repriced at that moment.

Get Congress out of the insurance business, it is not a business they can run well. Even a negative income tax is better, but in general, if the Federales want something done, take direct action, 'stateless' action. The state skew manipulates Federal actions, it is causing the insurance business to fail.

Fixing this:

Sell deposits against loans in a fair market with risk equalized representative sample.  Productivity is priced, via central bank losses.  Maintain a market making balance, negative to positive; bit error. Apply whatever contract was legalized.  Currency losses and gains priced immediately. Government large accounts at the Fed force cash flow accounting. Fix the whole friggen thing.

The 8 T is default power, granted to the Fed under 15 year contract. Never realizing losses as we go, our precious government goodie never renegotiated, and in the aggregate the spectral conditions ultimately insufficient. We requant. It is not that bad, actually, this should work, but Congress will be defaulting in favor of the kids. The rich will go along, and we be taxing them, they get the increased efficiency.