If there isn't peace in Ukraine soon and/or if Taiwan is invaded, it's WWIII and a rate hike won't matter and frankly the depreciation would be so rapid that it would be quickly irrelevant going forward. There would be rationing and a centrally planned economy, like in the previous world wars. Hopefully there are speedy and peaceful resolutions to this so that the worst of our problems is inflation.
The government's debt problems are mostly "to itself" -- the commitments to give free drugs and unlimited surgery for old people. Under war conditions obviously those commitments will be defaulted on. But then there comes a much larger and worse commitment to enormous war expenditures, and a far smaller private economy. A couple weeks ago it'd be nuts to say all this stuff but obviously things have changed now.
Unrest in Ukraine alone is not likely to cause a new world war. There has been a civil war mainly in eastern Ukraine for many years already. Ukraine has historically been an unstable area mainly due to its unfortunate position between the major powers Germany and Russia. Ukraine government is better served to remain neutral and avoid provoking the angry bears that exist on each side of the country in my humble opinion.
Not sure what you mean by depreciation during war. Some things will depreciate like fluffy tech stocks, luxury goods makers, and real estate, but other things like certain commodities and possibly food will increase in value.
The government's debt problems are mostly "to itself" -- the commitments to give free drugs and unlimited surgery for old people. Under war conditions obviously those commitments will be defaulted on. But then there comes a much larger and worse commitment to enormous war expenditures, and a far smaller private economy. A couple weeks ago it'd be nuts to say all this stuff but obviously things have changed now.