As most of the Western world continues to believe that monetization of debt has no real consequences, it is important to point out that not everyone shares this view.
Ludwig von Mises's The Theory of Money and Credit takes the opposite view. This book belongs to what is called "The Austrian School" - the concept that the expansion of the money supply and/or credit will have real - although not always apparent - consequences.
The heart of much contention is a debate over the nature of economic activity. Is the economy largely organic or is the economy basically created and guided by the state?
Von Mises, of course, believes that the economy functions best without government intervention in the money supply (which can take many forms).
This is a debate that many people are having, and it behooves you to read up on more specific points like the business cycle, potential price distortions in the market, demand, and international trade.
My favorite point: creating money does not always produce obvious inflation if it prices goods out of the reach of ordinary people. Hmmm.....
For a gently critical review, click here