It is much easier to do the math for a closed system such as the world. The planet as such has no external deficit. All exports and imports are contained within its regional accounts. What with increasing globalisation and all, it may not be such a bad idea to pull up accounts for this closed system.
Here I would have two sectors, households and governments. The private sector will have been pushed back to the household sector. All companies are owned by a subset of households. Similarly, all assets are held by households (except government assets). All private financial institutions are ultimately held by households. We could then trace the effect of new money creation on the household sector. Wouldn’t it be the most?
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