First of all, the monetary base is only a small share of money supply - most of that is debt. Secondly, printing those dollars does immediately devalue the dol

First of all, the monetary base is only a small share of money supply - most of that is debt. Secondly, printing those dollars does immediately devalue the dollar, just not to the degree you might expect. The average American has no savings, they will not immediately renegotiate their wages upon the news that this money has been created. Therefore, their opinion about the value of the dollar has little impact. They have no dollars to sell for other things, they spend just as they used to, demand stays the same, prices are stable if not for supply issues. Stimulus checks are an exception to this, but we did see price increases in anticipation of that spending. Those who manage wealth on the other hand already know that dollars are trash, now they are just a little bit trashier. They do not hold large dollar positions in the first place, instead they buy up all sorts of assets - stocks, bonds and real estate. This inflates prices and depresses interest rates, increasing paper wealth and encouraging cheap borrowing - exactly what the government wants. In other words, massive inflation has existed for years, it just does not affect every part of your life equally. If you are in the market for a house, your purchasing power as a worker has been completely annihilated. If you are in the market for a hamburger, you are fine.