The interest rate on 30 year US government debt has gone from a 40 year down trend to an up trend, though the last couple years are flat. As the interest rates go up the value of existing bonds drops. The death spiral danger is that people start selling and bond prices go down further (interest rates up further) and the Fed decides to "correct a non-functioning market" or some other BS and starts buying bonds. The other way to look at it is the central government sells bonds to get cash to operate on and if interest rates get high they are clearly bankrupt so the Fed has to buy the bonds to keep the rates lower. But if the Fed is printing money and buying bonds, then it really is unwise to hold 30 year bonds, so more people sell. The faster people sell, the faster the Fed has to print money and buy bonds, but the faster the Fed prints, the faster people will sell. This is the death spiral that is hyperinflation.
It looks like conditions are ready for the death spiral to start at any time. Trump wants lower interest rates and says debt would not be a problem at low interest rates. Trump put Warsh in charge of the Fed. I expect that Warsh will be printing lots of money soon.
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