That’s their bad faith argument. They probably see anything causing the tide to rise all boats as erosion of their socioeconomic position.

Austerity is part of the recipe for turning a country into a failed state-see Greece.

Personally I think both sides are totally right and also totally wrong.

Because we absolutely do need to print money to avoid millions of people living in the streets at this point.

But we also ARE going to be bankrupt by it.

And I think the way out is to recognize that the monetary system is dated and inadequate and create a new one. Unlikely they will do that, but I feel better mentioning it even though it will be ignored.

The new system would be digital and incorporate more real-world information and finer-grained control.

>They probably see anything causing the tide to rise all boats as erosion of their socioeconomic position.

How on Earth does inflation rise all boats when it's literally a wealth transfer from all currency holders to the money issuers and first spenders (banks and financial institutions)?

Can you please explain how in your economic model value creation gets financed?