All the problems that may arise from the massive monetary expansion carried out by central banks

Central banks in OECD countries will increase the money supply (the size of their balance sheets) by about 70% in 2020. Of course, this policy is essential to enable governments to finance the fiscal deficits needed during the coronavirus crisis, but it must be understood that there is no magic formula: the massive monetary expansion will have a cost. The possible problems that will arise are: A loss of value of money, not in relation to goods and services, but in relation to other assets; bubbles in equities and real estate must therefore be expected; Social tensions because rising house prices will impoverish households, especially young people who have to buy a home, and increase wealth inequality; A loss of confidence in official national currencies (dollar, euro) in favour of private currencies (various private cryptocurrencies); Financial crises when the asset price bubbles burst. Given these problems, there can probably be no permanent monetisation of fiscal deficits.