Who is taxed when central banks monetise fiscal deficits? Young people

When governments run up massive fiscal deficits and if there is no central bank intervention, governments' fiscal solvency must then be restored, requiring tax increases and public spending cuts . It is then easy to determine who will be taxed to restore fiscal solvency : those whose taxes are increased or who will receive lower public transfer payments. If fiscal deficits are irreversibly monetised by central banks, fiscal solvency does not deteriorate and there is no need for taxation in the usual sense. In the past, money creation generated inflation in goods and services prices, and the new tax that appeared was the inflation tax, levied on money balances by inflation. Nowadays, money creation generates asset price inflation; it is easy to see that it is a tax that is paid by those who have to buy financial assets (equities, for example) to build up savings for their retirement and by those who have to buy a home, since share prices and real estate prices are driven up by money supply growth. It is therefore a tax on young people.