My default number

My helicopter money is the extra debt we carried since 2009 until the Trump Shock.  My claim is that the current knowledge says the partial default declared in 2009.  But, that ignores the noise of learning, had we declared in 2009. Not all of that extra debt recoverable, about half lost to an endogenous net inflation rate of about 1% over the millennial cycle.

That ignored quantization noise, priced in the default leaves a residual inflation, half what the Nixon Shock left. The other half is recovered productivity from the more independent currency banker, by putting government on cash flow.  This is the half as much volatility as Nixon, in theory and target. A moment of smaller bounded insanity; where the commutative property is almost free.