Meanwhile HBD continues to do whatever (external) market forces decide.

In the long run though hbdstabilizer has to be a good thing. I understand that HIVE in hive.fund isn't included in current_supply and so isn't included in the inflation algorithm. And so, the higher HBD goes, the more HIVE is taken out of current_supply - surely this is good for use all in the end.

Hard to say if the proposals that have recently lost funding would be better for Hive.