There is still typically dilution when the central banks buys bonds, only that it's indirect - coming from the increased (overheated?) market value of the mansi

There is still typically dilution when the central banks buys bonds, only that it's indirect - coming from the increased (overheated?) market value of the mansion(s) used as collateral for the bond. It's definitely increasing the money supply in that case. If the assets are valuated at the correct price is another issue...