Deja Vu All Over Again??

[eyedoc]

Hello BrotherJohn and thanks for all you do!

Back in the late 70's and early 80's, Paul Volker was able to raise short term rates to battle inflation and stabilize the dollar. I understand that as the National Debt situation currently stands, this would be impossible as the interest payments due on the debt would not be sustainable, which puts the Federal Reserve in a box concerning interest rates. My question is: Is it possible for the Federal Reserve to push down LONG TERM interest rates low enough so that the BULK of the national debt could be shifted into very low rate, long term securities (at an "affordable" rate) so that if/when inflation rears its ugly head, SHORT TERM rates could be raised very high (like in the early 80's) to combat the inflation without jeopardizing the ability of the government to pay the interest on the national debt which would have been already shifted into long term bonds? Is this even possible? Could this be a "trick" the Fed could use? Thanks for your reply!