What happens when the source of money creation goes from lending to monetised fiscal deficits?

A significant development since the subprime crisis is that money creation (in the sense of money held by non-bank economic agents) no longer results from lending by banks, but from money creation by central banks, linked to their purchases of bonds and public sector bonds in particular. The source of money creation has therefore gone from lending to monetised fiscal deficits. What to expect from this development? The complete reversal of central banks’ action: instead of trying to curb excessive money creation by banks, they are increasing the pace of money creation; The complete ineffectiveness of macroprudential policies for banks designed to stabilise the quantity of money or asset prices, due to the decorrelation between lending and asset prices; A marked increase in private sector wealth, as the increase in gross wealth on the back of the rise in asset prices is not offset by an increase in debt; But seigniorage will continue to benefit mainly banks.