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Wow, so there is a lot to unpack there.
China has realized something we in the US haven't learned yet. It's ok to "print" dollars if the dollars you create result in increased use of resources and labor and ultimately productivity.
Here in the US, we fear inflation more than we fear unemployment. This is because when we, as a nation, think about unemployment the common cause is described as;
"Too much money chasing after too few goods"
When defined like this, money
appears to the the problem, or more specifically too much money is the problem, and historically this is exactly how we have approached the problem. When inflation sets in, we raise interest rates, this slows consumption and in turn slows demand, and the result is that people get laid off.
Unemployment is used as the solution to problems of inflation, but let's look at the cause of inflation like this;
"Not enough supply to meet demand"
If inflation sets in, how can we deal with the problem without using unemployment as a fix?
During WWII spending spiked massively. The government in turn started a public campaign to encourage the public to buy bonds. When people diverted potential consumption into savings, that prevented potential inflation AND paid income years later. It's my theory that one of the reasons the 50's was such a heyday was that people had high levels of savings thanks to the bonds they purchased when government spending was massive and so was productivity.