> [money] (which is a much larger number) is the result of any lending (be it by the Fed or a private bank), and "Lending" money at 0% interest is monetary inf

> [money] (which is a much larger number) is the result of any lending (be it by the Fed or a private bank), and "Lending" money at 0% interest is monetary inflation. The banks in the federal reserve system are not private except in the sense that their profits are private. No one else gets handed money at virtually 0% interest. > "inflation" is a virtually inescapable side effect Are you talking about monetary inflation or price inflation? The lack of this distinction is why these discussions are always pointless.