[jmherbener]

Yes, Fed monetary inflation can be, and has been, exported under a dollar reserve system.

Fed monetary inflation is used to expand the supply of credit which permits the government to increase its demand for credit. But the Fed does not use monetary inflation directly for government expenditures. So monetary inflation is not, directly, a substitute for taxation. Indirectly, it is by permitting the government to borrow more.

The system generates domestic credit expansion and stimulates foreign demand for dollars. So monetary inflation and credit expansion allows the government to borrow more without much domestic price inflation.