Ok, but that's currently much less than the money supply is growing and will, if the rest of the world is any indication, turn sharply negative in, say, 10 year

Ok, but that's currently much less than the money supply is growing and will, if the rest of the world is any indication, turn sharply negative in, say, 10 years or so in the US. Europe's population growth is already -0.2%. Money supply growth, in the tightest central bank environment in at least a decade, is 3%. I'm pretty sure -0.2% would currently cause a disaster in the EU economy.