No, that's not quite right.  Money has both an inflationary and deflationary aspect.  It has a life cycle.  Money can be both created and destroyed.

When I incur debt it is created.  When I pay it back, it is destroyed.  When I default it is destroyed.  I can pay back debt with worh in lieu of my debt, if I dont have ready cash.

The system has both stable states and unstable states.  There is a theory that stability is destabilizing, too.