| >The real loser here is the future of the US dollar. This presumes that the quantity theory of money (and/or the theory of Ricardian equivalence) is correct, which it most likely is not[0]. Money printing does not cause hyper-inflation, as demonstrated in this CATO paper[1]. Governments are not households[2], because they hold monopolies on currency creation[3]. Also, currency creation is not 'debt'.[4] It follows from this that there is a vast and largely unexplored space on the graph of currency creation over time, where the line can rise before it triggers negative systemic effects. A fiscally sovereign nation can never run out of its own currency. This policy space is where the future lies, awaiting us. The worldview-assumptions implicit in your question would discourage us from exploring this space. That, in my view, would be the heart of folly. Many thinking people in the economic and policy professions are realizing this, and not a moment too soon. 0. https://saylordotorg.github.io/text_money-and-banking-v2.0/s...
1. https://www.cato.org/working-paper/world-hyperinflations
2. https://www.youtube.com/watch?v=ba8XdDqZ-Jg
3. https://www.youtube.com/watch?v=1AyT9zftNrE
4. https://www.youtube.com/watch?v=XIe_BiRIlgU |