Producing more money doesn't fix bad spending policies but it reduces debt -- both private and public -- at the expense of the lenders. It's also a way to alter

Producing more money doesn't fix bad spending policies but it reduces debt -- both private and public -- at the expense of the lenders. It's also a way to alter the capital/work incomes ratio. There is, rightly, a German trauma towards devaluation -- and that's why they agreed to be part of the Eurozone as long as the Euro was managed like the Mark.