By November of 1933, a frustrated central bank brought quantitative easing to a complete halt. How did the US government respond to that?
The answer is that just two months later, on January 30, 1934, it passed the Gold Reserve Act. The US government revalued gold about 70% higher, and then continued purchasing it aggressively at that price, using printed money.
The QE baton was thereby passed from the government T-bond “runner”, to gold bullion!
In a showdown between central banks and governments, governments win. They won in the 1930s depression, and they will win in this super-crisis.