Not sure it plays out that determistically. If the gov prints money to just payoff debt without increasing the government spending, there is no new money entering the market.

You just pay off old promises that were expected to be kept.

The real risk is that new lenders will not be willing to lend you, yes. But not outright inflation.

That assumes the new lenders have an aggregate alternative.

If you follow the accounting in a floating exchange rate system you’ll find they don’t.

Find me a banker that will turn down free basis points and I’ll show you a pink unicorn.

So you agree it's a problem, but still characterized the situation as "all is good" in your first comment. I would not call that good, and I would be have used different words to characterize/trivialize this situation.