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Anyone disagreeing with this should consider the opposite claim: that someone could counterfeit and spend a significant sum of money without having any negative effect on other people's purchasing power, not even over the longer term.



"and spend" is the key part. Lots of the money from QE just sat around as bank reserves and was never in the real economy being spent. That's how you can print money without causing runaway price inflation - just don't spend it.




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