I agree with your sentiments.

If we have $3 corn or $30 corn will depend on policy bringing about the effective means of defaulting on obligations. If the obligations are defaulted outright, it is likely to be deflationary. If the default is done via debasement of the currency, it could cause prices to rise rather than fall even under poor economic conditions.

To me, the jury is still out on which way we go. I lean toward the "inflate the problem away" as the attempted solution. Even if it is the attempted method, it is not certain the attempt will be successful. I believe the Fed will be successful in its attempts to create inflation, but that is just my opinion.

It appears the Fed's goal is to save the banks and banking system at all costs, just as long as the  big banks do not bear the cost.

I also think it will not end well.

John