When people said inflation was transitory, they didn't realize that the transitory period could mean a few years. For "money printing" to have an effect on inf

When people said inflation was transitory, they didn't realize that the transitory period could mean a few years. For "money printing" to have an effect on inflation, the money has to actually be circulating in the system. Most of the money printing people talk about, with the exception of the big fiscal policy responses(stimulus, ppp) is just number shuffling between balance sheets. It doesn't really mean much to the real world.