The way I see it, even if there’s a war or Covid or whatever, if people don’t have more money to spend, they can’t pay higher prices. Then you get a recession.

The way I see it, even if there’s a war or Covid or whatever, if people don’t have more money to spend, they can’t pay higher prices. Then you get a recession. If they do have the money (because you printed more) they pay the higher prices. Then you get inflation.