==============================================================================
CREDIT DISPLACEMENT -- net new goods-circuit money vs displacement ratio delta
==============================================================================
CS issuance is money creation, not borrowing; delta = fraction that displaces
bank credit creation. Net additive (inflationary) money = issuance x (1-delta),
of which only the kappa_d dividend share reaches the goods circuit.

Representative year 2024: CS issuance $584B (= 2.0% of GDP)
  Bank-created flow that year ~3.0-3.9% of GDP (verified range)

  delta (displacement)  net additive $B  to M^T (Mode D)  price impulse
                  1.00               0               0         0.00%
                  0.80             117             117         1.87%
                  0.60             234             234         3.73%
                  0.40             350             350         5.60%
                  0.20             467             467         7.47%
                  0.00             584             584         9.33%

READING: at delta=1 (full displacement) there is no additive money and no
impulse -- the neutrality claim holds exactly. As delta falls, the additive
share grows and the price impulse rises. The question is what delta is
empirically plausible (stage 2) and how much inflation the shortfall implies.
