Is money creation the last “crutch” of neoliberal capitalism?

To obtain a high return on equity for shareholders, neoliberal capitalism constantly skews income distribution against wage earners. This results in chronically weak household demand, which has to be corrected. We refer to the methods used to offset the weak wage growth and prop up demand as the “crutches of neoliberal capitalism”. Neoliberal capitalism has been successively propped up in the past by: Household debt, which notably led to the subprime crisis; Public debt , which led to debt crises and then to the impossibility of increasing public debt further without monetising it ; Then , finally, money creation with public debt monetisation, i.e. helicopter money. This latest crutch of neoliberal capitalism will also reach a limit, due to the consequences of the massive monetary expansion amplified by the COVID crisis: asset price bubbles, loss of confidence in money. If there is no other possibility (a fourth crutch) to prop up demand, then neoliberal capitalism will be hit by a major crisis with both a monetary crisis and the disappearance of the ability to correct the effect of weak wages on demand.