China wants to run this game for a wee-bit longer
let CNY depreciate against the dollar. But this relation is difficult to hold if USD depreciates and commodities rise.
With 2 trillion at stake - War is not yet a possibility
"stimulus". As one part of the world's "skin in the US game" increases the probability of war will
increase. War has many benefits for regimes. It aggregates the population, it creates employment, creates a stimulus, creates an enemy outside of the regime. In this matter India is lethargic and will never have enough "mind in this game". But war is on the horizon - and I am scared.
China and India must become consumers - US must become producer
Import restriction response is a threat
USD and Gold - Printing currency does not matter
real value is able to discount this printing phenomenon. The only way this might work is - if US has some means where it can aggregate this printed money and destroy it as write-down or something. Printing will set the new money in motion and it has to be collected and destroyed else there will be devaluation.
Currently"US denominate" (in terms of thoughts) people are asking this question hence possibility of US dollar depreciating does not seem feasible - it never does to local as it does not matter so long as other things remain equal. But "other things" like commodities do not remain equal - hence the effect is actually measured as rise in commodity prices. (Or conversely - commodity tries to retain value - whereas USD depreciates).
Further one must understand that equity is open to risks whereas debt has the habit of correcting / adjusting for currency changes. (Particularly cross currency debt).