** Modern states present unprecedented stability of politics and thus safety of tax collection
** M2 can continue to grow by at least 4 times its current amount before reaching its theoretical ceiling
** It is possible to find a way, other than taking out credit/money from the economy, to avoid concentrated money redemption
** Money should be printed only by debtor or creditor but not third party.
As the ultimate source of credit, money is printed with the government's future revenue as collateral. Since modern states seem to be able to continue their tax collection forever, money’s printing may have no theoretical cap if we assume people would like to lend all of their current and future wealth to risk-free debtor - the agent of all tax payers. Certainly, it sounds more reasonable to set only current social wealth (with a discount for interest) as the ceiling of M2 given the possibility of an immediate and simultaneous redemption from money holders. As long as it is still under the ceiling, the state credit won't collapse. This is why we see the randomly selected position for the bar has kept going up with Gold Standard, Bretton Woods, and Fiat with limit of central bank balance sheet.
A question, raised up during redemptions, is that, because creditors/wealth were not designated when printing money, the redemption/spending of money may be temporarily concentrated in only some parts of wealth when money holders get nervous of becoming creditors as the ratio of M2 and wealth increases from its current 1:5 (or 1:10),
While more holders/wider acceptance of some currencies can help reduce mismatches of money holders’ priority, a better way is to make them to believe that they benefit from economic growth, rather than temporarily price-based wealth growth, when they are so not nervous of being final creditors of money that we can print more money in economy.