***We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation****
Odd, I draw the opposite conclusion, the more Ben prints, the MORE I save (not necessarily in $s). I rationally figure I need more savings in the future to maintain my lifestyle so I save more. Duh.
What Ben failed to take into account in this early 2000 flawed dissertation was a financial catastrophe which could turn a nation of consumers into a nation of scared savers for two decades. hahahahaha