The problem NATO has with this proxy war can't be solved by printing money. The issue lies in the lack of industrial production in the west, and you can't just create a huge industry for producing weapons and ammunition out of whole cloth.

This will be a fantastic vehicle for pushing for austerity in Europe though. The oligarchs have been very upset that Europeans enjoy a social safety net and things like pensions. The need for massive military spending will be a perfect justification for stripping these rights away from the workers. Europeans are about to start enjoying American style freedoms.