True, But There Is More to the Picture
Technological deflation is obvious to any non-ideological thinker (which is why economist models fail to include it). And, there in lies the rub. Politicians, investment types and corporations cannot make the nonlinear leap needed to realize where technology is taking us and have no incentive to get out in front of it.
Consequently, the economic stagnation and pain experienced will grow much worse (perhaps, civil unrest) before such ideas reach policy consideration. By that time, however, we will be fast approaching a post-capitalist world (assuming an existential event does not intervene). At that point central banks will become paymasters for all as they were for bankers in the last financial crisis.
Said differently, money is simply a human artifact consensually employed as a medium of exchange in a large scale accounting system. Ultimately neither side of the ledger in that accounting system is obligated to anything beyond a baseline exchange ratio.
On my Medium publication, A Passion to Evolve, there are some articles you might find of interest on this topic —
Capitalism and Post-Capitalism — The Whole Truth & Nothing But
