I just finished listening to Dave Rosenberg, stating that monetization is “coming in the next couple of years” (https://www.zerohedge.com/news/2019-04-07/david-rosenberg-expects-fed-will-embrace-helicopter-money-next-couple-years) and that unlike QE, which added to bank reserves, this printed money will immediately be available in the economy. Richard Koo of Nomura, spells out why QE did not cause inflation (most reserves were not loaned out, see this talk https://www.youtube.com/watch?v=8YTyJzmiHGk ). Monetization will lead to inflation, I can’t see any other outcome.