It's worth pointing out the inflation last time around didn't really start to abate, until 82, by which time Reaganomics had reached full bloom.

So what is the difference between the Fed selling debt it bought to create the money in the first place and the Treasury issuing more debt?

Not only would the effects be the same, of drawing money out of the system, but then the fresh debt was spent back into the economy in ways the private sector never would, military spending, because it doesn't have any return. Essentially it's a public works project. Adding to productivity, but not actual profits.

So this time around, they can squeeze the money supply and try to keep wages down, even though breaking the unions isn't much of an option, but that burst of debt fueled growth isn't going to work this time around, because our credit is shot.

The end result will be oligarchy, as those sitting on enormous piles of public debt start trading it for valuable public assets and disaster capitalism comes home to roost.