Key observation. In recessions (liquidity crunches) the cake grows more slowly. Maybe if we increase liquidity a lot (i.e. print money) and give it to the botto

Key observation. In recessions (liquidity crunches) the cake grows more slowly. Maybe if we increase liquidity a lot (i.e. print money) and give it to the bottom tiers who will spend it (increase velocity) then the cake will grow faster! We don't have good models for how the economy actually works. Until 2008 most models didn't even have a financial sector. Currently economic models can't accurately predict the velocity of money or even explain changes after the fact very well. We still have no consensus among economists as to what causes recessions. So this is an experiment but the claims that it is "obviously" going to lead to inflation are flat wrong. We are going to learn a lot from this experiment. If we need to pull back to bring down inflation, we have tools for that.