Tightening policy doesn't mean no more presses running. Tightening policy can affect the general public because rates rise the general public can't affort the loans or can't affort to refinnance or just won't be approved for the loans.
On the other hand with such HUGE debt the US government holds it needs paper to operate thus they keep on printing IOUs in form or bonds. As the world is turned off from buying these IOUs the FED will step in and buy them while printing money for the government. Since government is obligated to pay down the debt at some time and with a lack of USD flowing into US from around the globe the government will raise taxes. FED isn't a government agancy but owned mostly by other privatly owned banks (from my understanding) thus I believe that FED is in control but it's just depanding on how FED wants to transfer wealth and how it wants to be percieved by the general public.
When Rothchilds family went into banking business I doubt they went into it to keep printing paper and serving the public but it was to continue wealth creation for themselves. With fractional reserve it doesn't cost bankers much to loan out paper. As they tighten and start moving the wealth, it's in their benefit to take possesions instead of paper. Debt is a great tool for transfering wealth and where is a general public when it comes to debt? Most haven't been taught how to save or that having debt is BAD! In the 30s it was mostly the genral public that suffered and NOT the ultra wealthy.
Also the FED or any other banker will not make it obvious that they want your money. Just like Market Maker will make it hard for a trader to make money because that is they're whole game plan. Sometimes you'll see 15k or 30k orders on the ask side while the stock is moving lower. MM know how to trick the public into buying and thus is similar idea with the bankers.
This is best time to get out to debt and have physical bullion on your side.