I've scratched my head for years - really ever since 9/11 and all of the emergency spending that seems to never have stopped - regarding why we haven't been eaten up with inflation. The best I can tell, it has to do with liquidity requirements forced onto banks that had them absorbing a lot of the money supply so the amount of currency actually circulating in the broader economy was far less than was being printed.

Now, apparently, all of the trillions in actual government spending is combining with the endless addiction to money-printing in such a way that we may have lit the fuse.

Buckle up.

“The Costs Are Up, Up, Up. We’re Seeing Substantial Inflation” Admits A Surprised Warren Buffett As Powell, Yellen See Nothing
“It just won’t stop. People have money in their pocket and they’ll pay the higher prices.”