Debt Saturation.
Only by crossing the Rubicon, the ultimate moral hazard, can the central banks push money into the hands of the consumer.
They have to give it away. Literally.
Some of this was attempted a couple of years back when everyone got a "refund" of x dollars on their taxes. However, the government is the only party that can do that (at least in modern history) and they have to BORROW that money. The political feasibility of that diminishes by the day.
Only by completely breaking the faith of debt, destroying all financial assets holders in the process, can the Fed inject this money where it will be SPENT.
Other than that it will languish and shrink as banks, brokerages and markets trade it around.
That's what has driven up stocks and commodities while real estate continued to decline. No the holders of those assets are turning around to find nothing but a cold wind at their back. And they NEED the cash to cover all their other bets at the same time the price of their assets is declining.
The central banks of the world have created about $25trillion in new money over the last 4 years and not a cent has reached the average Joe.
It just goes into banks, brokerages and markets to be, literally and actually, destroyed.
The value of the currency will fall without the supply of money being inflated. That inflation will require people to borrow and spend just to get by. Governments will also give the money away for free in the form of food stamps and other such emergency-relief programs. That will increase the money supply which will fuel the inflation and the destruction of faith the currency.
There will be deflationary impacts as well, as there always are.
But the end result will be the same: death of the fiat currencies, massive inflation, default, and war.