It's not really clear either way, but I don't see how they can do this without some increase in the monetary base. So I'm somewhat at risk in saying that; I jus

It's not really clear either way, but I don't see how they can do this without some increase in the monetary base. So I'm somewhat at risk in saying that; I just suspect it has to be true. It'll end up in the deficit just like everything else. As it should. Unlike QE{I,II,III}, this will increase the base. Saving and spending are both morally neutral; it's just that we think it's Good To Be A Rentier, so we (curiously) bias in a moral case for saving. The New Testament of finance :) allows for bankruptcy, to implement a mechanism for forgiveness. Saving is pragmatically good. But we seem to make a moral fetish of it - in fact, if our neighbor spends, spends, spends, we benefit. But Liberal Atomism doth make hypocrites of us all... Ignoring all this, monetary velocity is important and all other things being equal, I'd rather have it than not have it.