Where's that money going though? It can only drive inflation if it's actually increasing demand, and I don't think that's happening. I think there's a fallacy o

Where's that money going though? It can only drive inflation if it's actually increasing demand, and I don't think that's happening. I think there's a fallacy of aggregation required to call it a mystery, if we disaggregate even slightly I think that argument falls apart. eg, my anecdotal view is that: 1. the rich just put extra money into investment 2. the upper middle-class are just putting any extra money into paying down their debts: housing and student loans. 3. the lower-middle and lower classes are increasingly precarious; and they're not actually seeing any extra money. 4. big business are just doing stock-buybacks, and any profits are just going back into 1 5. small business are struggling because of 2 and 3 What is there in all that to drive inflation? (edit to fix list)