All monetary policies, even those that initially are virtuous or social, ultimately lead to asset price bubbles

Sometimes a distinction is made between: Virtuous monetary policies (which support private or public investment) or social policies (which support the income of the poorest); Monetary policies that lead to asset price bubbles and therefore to increased wealth inequality. But we will show that, inevitably, all monetary policies, even those that initially are virtuous or social, ultimately lead to asset price bubbles, since they always lead to an increase in wealth held in the form of money.