> Why hasn't the last year or two of very easy money caused huge problems? See the other comment I posted on this article. Commodities have skyrocketed. But th

> Why hasn't the last year or two of very easy money caused huge problems? See the other comment I posted on this article. Commodities have skyrocketed. But the price of the beef in your Big Mac was negotiated years ago, so consumer prices lag raw materials as multi-year supply chain contracts are updated. > could we have adopted 2020 monetary policies in, say, 2018 or 2014 with the same results (skyrocketing stock market, skyrocketing inequality, but relatively stable inflation) and we never did it before because we never had a good excuse? The economic shock of the pandemic no doubt slowed the velocity of money for a time, which further slowed the consumer inflationary effect. But that velocity has increased amongst lockdown fatigue and reopening in the US, while the money printed is still here. We're seeing it manifest in real estate, stocks, and commodities. "The everything bubble" is just a way of saying (wealth inequality x inflation).