You seem to have identified a case where there is an obvious effect, but that shouldn't then be used to dismiss the obvious potential for other effects. Anyway

You seem to have identified a case where there is an obvious effect, but that shouldn't then be used to dismiss the obvious potential for other effects. Anyway that's besides the main thrust of my response, that is, M2 of USA in 2020-2022 is nothing like the 30 year history of Japans M2.