Productivity covering up expansion of money supply . There is a simple explanation. Increased wages lag in making up the difference. Central banks, commercial banks, and the government benefit. Money creation can only happen through debt.
Debt is a loan by a bank.
The more dollars in loans, the more interest receipts generated by the banks. This type of money expansion can happen forever. It does not create a disequilibrium in the market, it just redistributes wealth from the working class to the money monopolists. Many nations use the dollar as a reserve for their currency . Bretton Woods established the dollar as the base for exchange rate equilibrium.