QE 4? Next Quantitative Easing Might Be Forgiveness Of Debt

What more can the Federal Reserve do ? Right now after 3 and counting quantitative easing, the fed holds app $1.7 trillions of U.S government debt.. It created the money to buy the paper. That's about 10% of the total outstanding debt. How about the fed decides to erase the fiat money by not taking the payoffs of  the maturing notes? The federal government erases debt and its like the whole exercise never happened. Sound too good to be true? It is. But it still might happen. The problem is that wont be the last time you see that trick. The downside would be a runaway congress without fiscal discipline until capital markets call a halt to the irresponsible transactions.