There are no real checks and balances. The only way the printing will stop is:
1) US Bond Market Finally signals doubt in the US integrity (bond market is mostly controlled)
2) Some president who has the balls will stop it (very doubtful ever)
3) A war happens and another county wins, US defaults on its debt and winner takes the reserve currency spot (this will certainly happen at some point)
The main asset of the US is its wealthy boomer population of consumer spenders. US buys most everything from other countries. As this huge group of wealthy consumers dies off, and the US is no longer the worlds consumer goods buyer, this will end the US dominant position. The US dollar and debt at this point will begin to be questioned fully.
The fact that a virus has emerged that attacks mostly OLDER people is most curious as it will hasten the die off of the US boomer consumer group. As a younger, next generation country, US looks very weak and vulnerable indeed. The younger generation of the US are not smart or hard working and have small disposable incomes. The only way to keep this slacker class buying and spending as the boomers did is to keep floating cheap, easy debt, credit cards, auto loans, home loans, school loans, quick loans. A new class of reddit pump and dump stocks will help them to become even more impulsive, unstable and emotional financially.
Nailed it … I even lost my wedding Best Man to CoV yesterday after nearly a month on a vent. 66, three years younger than me.
Godspeed Mr. Rick