"Capital != money, value != money, productivity != money." Yes, we know that. But you are missing the point of Monetary Policy. During a crisis for example,

"Capital != money, value != money, productivity != money." Yes, we know that. But you are missing the point of Monetary Policy. During a crisis for example, we need to 'reallocate' financing faster than the system will allow for it. A huge natural disaster that hits an otherwise productive economic centre may mean there is never any recovery, because everyone is unwilling to re-invest. But if the government steps in with $50B in investment, not only does that spark rebuilding directly, but is also brings back investment. War is another example: if you're invaded, the economy won't react quickly enough to form some kind of physical defence force. That's why you have civic functions i.e. the Army, which needs direct investment, maybe from lose monetary policy. In normal times, the central bank can made adjustments much more quickly than the economy can react with higher or lower wages. France/Spain lose competitiveness because their salaries might be too much. Nobody will accept a pay cut. But a little bit of loser monetary policy will take care of that. Obviously, printing money doesn't cure anything, just like 'Making A Law' doesn't cure anything. Monetary Policy can be abused just like the Treasury, just like the Judiciary just like Security Forces. It's just a form of governance, that's it. But using 'Gold' you lose the ability to have any governance and are guaranteed to fail during disaster like board that you nailed from your boat to the dock will break when the tide comes in. You'd use a rope in that scenario, i.e. 'monetary policy'.