To my mind (and I am no economist) inflation is the only constraint on a fiat currency's ability to create monetary tokens from nothing. We are indeed fighting

To my mind (and I am no economist) inflation is the only constraint on a fiat currency's ability to create monetary tokens from nothing. We are indeed fighting deflation, almost globally. I suspect that the reason for this is that most economies are operating under the idea that the limits of productive capacity are not far off from what is being produced now, that is that they assume scarcity is a real threat. Historically, every time we have seen hyperinflation, there have been disruptions to production (e.g. war), or an economy that is built around one product (e.g. oil). In today's global economic system, local disruption (say a hurricane) is easily routed around by other suppliers in different locations. I think that our productive capacity before affecting inflation, and I'm just guessing here, is much much higher than we suppose. If so, I suspect printing money won't cause inflation because there is excess production capacity, and global competition would limit artificial price increases. Because I believe this, I support much higher deficits, and thus am a hybrid Republican/Democrat: I want low taxes, and high government spending. However, aside from infrastructure, I'd want the government spending to be a bottom up type of spending like UBI, because it would give people seed money to start businesses, and more money to spend at other's businesses.