1.You keep inflating the assets and real estate prices so they go up and rates go lower.
2.asset prices going down rates going up.
Off course the rates never goes up right to way at the end of the bull circle the smarter money want to exit safely so the market start slowly making lower highs and keep getting rates inside the 20-30 year time frame of bear market more the ratio of higher rates higher than lower rates.
We are at the end of the 30 year bull circle so the next circle will be higher rates and lower asset prices.
If you want to print money "without equal to productivity" then you just have to be the United States of America and your currency has to be the global currency. That's how you export your inflation to the global economy and the global economy buys your national currency, because the global economy needs your currency for global transactions. I know it sounds stupid, but this is the FIAT financial world we live in.
Higher interest rates make the government debt more expensive. Do you really believe that the Federal Reserve will keep the interest rates higher in the long run. I don't think so. The USA has to pay 1 trillion USD per year for it's federal debt. This is an absurd amount of money.
The gold bull run show's that we not collapse this year but soon that funds of gold will be taken and given to banks in order to park money into MBS so the banks will be lowering the mortgage rates to make you think that bottom is in but we slowly walk into start of bear market.