There will be huge flight from money once traditional asset prices (bonds, equities, real estate) can rise no more

First, r apid money supply growth drives up the prices of other assets (bonds, equities, real estate). This rise in asset prices preserv es the structure of wealth, in particular the proportion of money in wealth, at its optimal level. But financial and real estate asset prices must eventually stop rising, because they are bought by the “young”: the value of these assets cannot exceed the capacity of the young to save. When this happens, if the quantity of money continues to grow rapidly, money will no longer be able to be invested in traditional assets (bonds, equities, real estate). Economic agents will then be faced with excess money holdings relative to what they want, or an abnormal increase in the proportion of money in their wealth ( because the prices of other assets can no longer rise and the quantity of money continues to grow), which will give rise to flight from money: economic agents will try to get rid of their excess money by buying “unconventional” assets: gold, cryptocurrencies, emerging currencies.