^^^
And peoples' cash assets held in the banks are worth less.
Inflation starts.
Prices and wages increase.
Inflation is the "silent tax" and how governments confiscate the wealth of the people.
This has happened 1974 - 1983 and almost destroyed the US economy.
The interest rate was as high as 23% on private debt including home loans.
The Dow Jones average fell to the lowest rate since 1949
Dow Jones - 100 Year Historical Chart | MacroTrends
