I applaud such alternative thinking.

As presented in this article, this proposal does leave out the interdependence of all variables in the economy. As to inflation, since the money created to pay off the debt would be going to holders of the debt, it would be going first to the financial sector and the 'investor class'. That would lead to even greater asset inflation, but would not really affect the price of food and clothing for 'the masses'. On the other hand, to the extent that assets included real estate, to include housing, that crisis would be exacerbated.

I have worked out a paradigm for making the supply of money (as currency) a fully independent (exogenous) variable (though it is considerably more than a "4 min read"): if curious, "Paradigm Shift" (here in Medium, but not behind the paywall). In it money is created to fund a minimum guaranteed income and, as an option, all government. An alternative to using taxes for drawing money out of the economy (as in MMT ) is included. This proposal would also eliminate unemployment and poverty (at any level of total output) and increase sustainability systemically.