The money printing argument a lot of people make for inflation implies that a) all that money made it into people’s hands and saving accounts and not as debt to

The money printing argument a lot of people make for inflation implies that a) all that money made it into people’s hands and saving accounts and not as debt to companies which a cursory look at saving rates and excessive reserves of banks during that period or now is incorrect. Banks are not just going to donate money around when the Fed gives it to them — they are going to direct them towards let us say housing assets — the entities buying your bids out with cash. Also recall when looking money supplies that the M1 definition simply changed. We have an energy problem — we could barely keep up with energy demand growth pre pandemic and now it’s 1970 all over again. Also all the comparative advantage impact — that is the advantage in production of having eg Argentina focus on agriculture and exports which reduce overall prices requires predictable demand and solid transportation/shipping. Both as you can guess were “nuked” the last year and for the next couple of years at least. The Fed can do nothing about any of these topics. Even if you have 3 billions if there are no pears in the market you are not going to eat pears. But people have to eat and commute and travel and live. Companies got to function. Thus, inelastic demand. Thus, inflation. The Fed’s job is to keep its cool. It is political and it shouldn’t but it is what it is. Don’t expect anything they do to be different than TSA at the airport. Good luck to all of us.