That's also not how it works. If the SBD price drops due to printing (without the haircut), then there is a natural incentive for people to convert SBD using their own money because it is likely to show a profit (buy SBD at $0.98, convert into $1 worth of STEEM). This maintains the price of SBD more or less at $1.

The only reason this doesn't work now is because the massive STEEM price drop overwhelmed it, causing the haircut rule to kick in.

What is needed is both for the SBD supply to be reduced to get back in line with the current value of STEEM and/or for the value of STEEM to go back up (or at least stop dropping).

If that doesn't happen (STEEM maintains or grows its value) then Steem will literally die, and none of this will matter.