So at present, we have the unusual situation where some, who look at the prospective deficits and debt burdens, combined with ‘unconventional’ monetary policy measures, worry about high inflation down the road, even as others worry about the possibility of deflation over a shorter time horizon, as a result of large-scale overcapacity.
In ancient Greece there was a strong military state called Sparta where trade was forbidden for free citizens and the currency consisted of huge iron bars, making money circulation very difficult, creating a barrier to transactions. Sparta concentrated on warfare and was outlived by a more creative people, namely the people of Athens.