Manipulation of the monetary supply is not a necessary condition for Keynsian stimulus. In fact... https://www.investopedia.com/ask/answers/012615/what-differe

Manipulation of the monetary supply is not a necessary condition for Keynsian stimulus. In fact... https://www.investopedia.com/ask/answers/012615/what-difference-between-keynesian-economics-and-monetarist-economics.asp https://www.investopedia.com/ask/answers/012615/what-differe... Whether a government engages in stimulus is orthogonal to whether it engages in aggressive monetarism. It is, in fact, possible to increase expenditures without tanking the global reserve currency. Indeed, the two are at odds so long as we rely on deficit spending, since our willingness to tank the dollar's value on a whim lessens others' desire to loan money to us denominated in dollars. Furthermore, our demonstrated willingness to devalue our debts undermines our moral high ground when we criticize China for its exchange rate manipulation, and makes China less likely to set much store by our financial ties, freeing them to take more aggressive actions... as we've seen since 2008 by its actions in Hong Kong, the South China Sea, and Taiwanese airspace.