And yet we have 30 years of QE in Japan, and 10 years of QE in the UK and US that debunk that belief as well. If the state creates $100 and you stick it in a d

And yet we have 30 years of QE in Japan, and 10 years of QE in the UK and US that debunk that belief as well. If the state creates $100 and you stick it in a drawer, or just leave it in your bank account, where's the inflation coming from? It's 'not spending' that causes deficits in the first place. If everybody spends and never saves then there can be no deficit for any positive tax rate. There is no magic in bonds. It's a myth.