I'm not sure to what extent the 2008 crisis and the stimulus programs even did result in net printing of money. Remember, every time a bank issues a new loan th

I'm not sure to what extent the 2008 crisis and the stimulus programs even did result in net printing of money. Remember, every time a bank issues a new loan they're printing money and every time they reduce lending they're destroying it, and increases in the flow of money are also act much like an increase in the money supply. So when the banks stopped lending and the money flows locked up back in 2008, this was effectively a massive destruction of money that offset some of the money printing. The Covid pandemic is different. Western economies are heavily service-based and the pandemic effectively stopped many of those services being consumed. All of the restaurant meals and vacations and so on are gone, never happened, the opportunity to create them forfeited, even some factory production time was lost - and the money that would've paid for those things remained in the customers' pockets. Yet in most countries, the employees who would've worked to supply them also earned most of what they would've got for doing so. There's an imbalance there between stuff available to consume and money paid that's fundamentally very different from 2008, which was mostly a crisis in the financial and housing sectors.