They have to do something ugly: massive asset re-investment.

Basically, you know that the money is being printed. So you know that the first person to spend it will get the most out of it. Also, it means that loan payments back are going to be mostly worthless, since the interest payments won't keep up with inflation.

That means the best way to deal with this is to pay back your loans as slowly as humanly possible, and then put all of your money into assets that will increase in value much faster than your loan payments, and keep up (or surpass) inflation. This is why you're seeing so many countries invest in gold bullion stockpiles. As shit as it is, it's also why paying back loans over many decades, rather than paying them full-up, is actually a good idea (if you can competently manage it).