Monetization shifts a:
+currency and a -debt government balance sheet LIABILITY
+currency and a -debt private sector balance sheet ASSET.
government borrows instead, because monetization reduces
the currency's purchasing power through the inflationary
impact on the private sector.
a side note, in the 60s, a recession was deepened
when the government slowed spending, tightened money,
and raised taxes. The current wisdom is to "spend
your way out" of recession with lower interest
rates and reduced taxes. If the private sector responds
with confidence (spends), growth and productivity
resume. If consumers retrench and save, the recession