I disagree, our increased productivity over the last two decades is what allowed the Fed to print so much money. We probably would have been in deflation if it wasn’t for so much printing. But then gov’t couldn’t get off the crack money machine when productivity decreased during covid.
I disagree, from what I am reading, I believe the downward trend of the velocity of money over the last two decades is what allowed the FED to print so much money and for us to not incur significant inflation.