Neither loose monetary policy, nor big-spending fiscal policy can grow an economy. All that these policies can do is to redistribute a given pool of real savings from wealth generators toward non-wealth generating activities.
The introduction of money does not alter the fact that individuals still have to produce something useful in order to secure some other useful goods for themselves.
The Fed’s monetary policy, except for very brief periods in 1929 and 1936–1937, was consistently and unremittingly inflationist in the 1920s and 1930s.
