> If this was true, then the monetary policies of the 2008 financial crash and the 2020 pandemic would both have created consumer price inflation. Not really,

> If this was true, then the monetary policies of the 2008 financial crash and the 2020 pandemic would both have created consumer price inflation. Not really, as this post explains: https://www.lynalden.com/money-printing/ https://www.lynalden.com/money-printing/ TL;DR: QE is mostly meant for banks, it was used to increase bank reserves (as banks were forced to do by the regulators), and didn't substantially increase the amount of money available in the economy. But this time (COVID-stimulus) might be different.