Gonna Get Ugly

I have this lingering suspicion the economy is going to get ugly, but I can't tell which way to play it. We might have a melt up - a worse version of our present situation where inflation just continues upwards and envelopes start costing $50 a pack and coffee hits $9 a cup. In which case, it's smart to hold stocks and fixed mortgages. On the other hand, we might see a big ole bust in the stock market the result of the chickens coming home to roost on all the government fueled spending from COVID, etc. In which case it would be smart to hold short term bonds and pay down the mortgage with these inflated stock prices. 

Or I could do what I normally do: nothing.