I mean if you’re gonna criticize the whole capitalist system sure.
- The Federal Reserve purchases assets and thereby increasing bank reserves.
- The banks expand credit and consequently the money supply.
- All prices are raised, and the rate of interest is artificially lowered.
- Misleading signals to businessmen starts to emerge, causing them to make malinvestments.
- Businesses overinvest in capital goods and underinvest in consumer goods.
- As the "time preference" of the public have not really got lower, consuming is preferred over saving.
- There is a lack of enough saving-and-investment to buy all the new capital goods.
- Then, "depression" originates in order to reestablish the consumer's old time-preference proportions.
- The banks return to their natural and desired course of credit expansion...
FIAT money is independent of capitalism. Its coercive existence leads to distortions of relative prices and the production system, as government and its central bank will always tend to be inflationary.
I'd prefer the term statism, but I agree with you.