“…The discussions in Hall 1983, Stockman 1983, King 1983, Fama 1983, Sargent and Wallace 1984, Sargent 1987and Weil 1991 of outside money, private money and the payment of interest on money ask some of the same questions as this paper, but do not offer the same answer, because they don't address the irredeemability of fiat base money. Sims (2001Sims ( , 2004, Buiter (2003aBuiter ( , 2003b, and Eggertsson and Woodford (2003, 2006, Krugman 2012 andMehrotra 2014 all stress that to boost demand in a liquidity trap, base money increases should not be, or expected to be, reversed.…”