What is sacred debt?

 The face value of the bond and interest paid on that.

But the Fed immediately undercuts that equation when it is a monopoly price taking and remits gain back to government.  That is, Fed float undercuts the face value, it applies a tax not stated on the contract.  This is quite obvious but consistently ignored in this whole discussion. Nor is the monopoly effect discussed, the effect of the Fed on money market structure. Even ignoring the monopoly effect, the Fed's work undercuts debt sanctity.

This is not ignorance, this is deliberate.   This is the pros, skirting reality for a can kick. The more they skirt the issue the longer they have to be quiet to avoid criticism. The debate slows way down. They have a pile of float and they have no solution.

Denial is not common in science.  A phycisist would not immediately deny a bizarre theory without first finding any nuggets it may hold, even if incorrectly. The physicist is mostly interested in finding the missing nugget of current normative theory. He even expects it to come from a nut in another science. The physicist would not be surprised if certain nuggets in finance match physics.  The physicist has no skin in this game, they are not in the market bumping heads with charged space looking for a job.