Printed dollars from our government have been pouring out in huge volume. It’s almost as if they couldn’t find enough places to dump it. Wasn’t Cantillion an early Milton Friedman type? Explaining the velocity of money in relation to inflation?
Pre Adam Smith even
https://www.adamsmith.org/blog/the-cantillion-effect
His theory has been dubbed ‘The Cantillion effect’, and is a lesson to us all on the effects of inflation ‘financing the financiers’.