You are on the right track, IMO, but taxation can't be abolished. Taxation is what gives currency value/demand. Everyone needs to pay tax in USD, so they need U

You are on the right track, IMO, but taxation can't be abolished. Taxation is what gives currency value/demand. Everyone needs to pay tax in USD, so they need USD. A loose monetary policy (a la NMT or Keynes) also needs taxation in order to destroy currency. Currency works in a loop. Governments/issuers make USD and pay for stuff (UBI, etc). The currency must complete its life cycle by returning home. It's circulation that makes currency currency. Without taxation, we'd have currency collapse, not inflation. Printing money without sufficient taxation, we have what we're seeing currently: asset value inflation. Also, I think we're beginning to understand that "general inflation" isn't really a thing. The price of investable assets isn't connected to the price of consumable goods. Wealth disparities are a big part of this. In theory, if Jeff Bezos and such tried to spend their earnings... we'd have inflation. But when personal income and CG is measured in billions, it's basically impossible to actually consume as much as you earn.