From The Role of Monetary Policy (17 page PDF) by Milton Friedman:
Accordingly, the authority increases the rate of monetary growth. This will be expansionary. By making nominal cash balances higher than people desire, it will tend initially to lower interest rates and in this and other ways to stimulate spending.
"cash balances higher than people desire"
Is that the problem, really? We have too much money and we don't like that, so we spend the money just to get rid of it? Really?
I don't see it.