Inflated Ethos

Pumping money (by printing) into the economy is a good thing as long as it is done on a world-wide basis. Normally when one country (or monetary system) prints more money, they devalue their currency relative to the rest of the world which hurts the strength of their buying and borrowing power. However, when all countries print money, each currency maintains its strength relative to each other. But what global printing and global inflation does is allow asset values (except for cash) to increase and encourages people to move cash into assets as a result. For fixed debt (because interest rates are likely to rise) many of the debt problems experienced by soverientys and mortgagees would be substantially benefited.