[imtringued]

How do you expect fiscal responsibility in an economic system where money both embodies purchasing power which is a stock and liquidity which is a flow? Liquidity is a costly service provided by the public, every open shop and business provides liquidity and operating a business even with no customers costs money. This means anyone holding onto money can force others to spend money on providing expensive liquidity which completely eradicates the concept of fiscal responsibility because the holders of money aren't responsible for paying for the liquidity they benefit from.

[lmm]

So we have a moderate level of inflation so that those who keep their wealth in cash are paying for the liquidity. Seems fine.