There is no limit to fiat money creation from "summary" of The Fiat Standard by Saifedean Ammous
In the fiat standard, governments have the power to create money out of thin air, unconstrained by any physical limitations. This ability to create money at will distinguishes fiat money from commodity money, which must be mined or produced through labor. Unlike gold or silver, which have natural scarcity, fiat money can be created in unlimited quantities. The lack of a constraint on money creation means that governments can print as much money as they want to fund their spending. This is often done to finance wars, bail out failing banks, or stimulate economic growth. The temptation to create more money is ever-present, as it provides an easy solution to financial problems without the need for difficult choices or sacrifices. The consequence of unlimited money creation is inflation, as the value of each unit of currency decreases when there is more money in circulation. Inflation erodes the purchasing power of money, leading to rising prices and a decreased standard of living for the population. Despite the negative impact of inflation on the economy, governments continue to print money because it allows them to avoid making tough decisions about spending and taxation. The ability to create money without limit also leads to unsustainable debt levels, as governments borrow money with the expectation of paying it back in the future with devalued currency. This cycle of debt and inflation can spiral out of control, leading to economic crises and financial instability. In the fiat standard, the power to create money is a double-edged sword. While it allows governments to finance their activities without immediate consequences, it also creates long-term risks that can undermine the stability of the economy. The unlimited nature of fiat money creation is a fundamental characteristic of the modern monetary system, with far-reaching implications for the future of global finance.
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