As previously explained, increasing the supply of money and credit reduces the value of money and credit. This is bad for holders of money and credit but a relief to debtors. When this debt relief allows money and credit to flow into productivity and profits for companies, real stock prices rise. But it can also damage the actual and prospective returns of cash and debt assets enough to drive people out of them and into inflation-hedge assets and other currencies. The central bank then prints money and buys cash and debt assets, which reinforces the bad returns of holding them. The later in
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