Milton Friedman and John Maynard Keynes, in their popular writings on money printing, consistently described the government—not the central bank—as doing the printing; Friedman and Keynes were essentially describing a fiscal dominance scenario where the government forces the central bank to monetize deficits
factualpending
Speaker
Peter StellaEvidence Quote
“if you take a look at some of let's say one of Milton Friedman's more popular writings right mate for the general public it's called Uh money mistress almost every time that Friedman talks about money printing he says it's the government that prints money”
Source
Debt Death Spirals, Fed's Losses, & Fiscal Theory Of Price Level | Peter Stella & Joseph Wang— Forward GuidanceCreated: 8/10/2026, 10:58:24 PM
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