I'm reading Ray Dalio's *"How the Economic Machine Works"*, and he says that there are four factors contributing to deleveragings in economies:

1) Debt Reduction

2) Austerity

3) Transferring wealth from the haves to have-nots

4) Debt Monetization

However, to me it seems like debt monetization is equivalent to transferring wealth from the haves to have-nots -- am I correct in my assumption?

Debt monetization leads to inflation which means that cash and Accounts Receivable get cheaper. That would mean that cash holders and creditors would get punished. Since creditors are wealthy people, aren't we basically reducing the dollars received by wealthy people and giving that money back to poor people through job creation?

Just want to make sure I'm understanding correctly.

Thanks!