The flaw in the debt buying scheme.

The debt buying scheme is supposed to work like this:

1. The central bank prints the money;
2. The central bank buys up the debt;
3. The debt is then written off.

Result: debt disappears, bondholders paid, no default.

What's the flaw? Have you spotted it?

The money printed is given out and increases the money supply. Inflation.
If the FED moneytized all or part of $20 Trillion we owe, the effect can not be undone by
capping the gold price.