Canada

You're assuming he actually give a fuck about any of that. He's going to be in the office for three more years. He doesn't need to worry about reelections. He's going to spend that time making as much cash for his family and friends as he can, but any means he can. He absolutely doesn't care if he trashes the whole economy in the process.

This logic is dangerously complacent and ignores the actual mechanics of how economies fail. You're assuming a smooth devaluation of the USD that conveniently boosts other assets, but that is not a guaranteed or even likely outcome at this point. An economic crash can lead to a rapid devaluation triggering a severe loss of confidence in US debt, not just higher yields on new bonds.

If inflation spirals then the Fed would be forced to hike interest rates aggressively to defend the currency, which would crush economic growth and likely trigger a recession. The idea that holding bonds to maturity makes losses irrelevant is a fundamental misunderstanding. Those losses represent destroyed capital and a massive opportunity cost. The government would be locking in negative real returns for decades while its debt servicing costs explode on new issuance. Canada buying more cheaper bonds in that scenario is like catching a falling knife. It's not exactly a clever investment strategy. We'd be doubling down on a failing asset as the underlying economy and fiscal position deteriorate. It's a recipe for a stagflationary crisis.