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That's an entirely different argument from lack of circulation of central bank reserves.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Fri Nov 29th, 2013 at 05:16:33 AM EST
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Maybe it's a different argument but it all boils down to the same thing: expanding the central bank's balance sheet is not inflationary.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Carrie (migeru at eurotrib dot com) on Fri Nov 29th, 2013 at 05:28:23 AM EST
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