I agree.. I think the excess money goes to two things: speculative assets (i.e. supply constrained), and actual goods and services (not supply constrained... mo

I agree.. I think the excess money goes to two things: speculative assets (i.e. supply constrained), and actual goods and services (not supply constrained... more demand results in more being created). The money printing of the last x years has arguably resulted in asset price bubbles (housing, stocks, real estate), but didn't cause "inflation" because if e.g. people buy more nintendo switches, nintendo just makes more nintendo switches at the same price. What happened recently was supply chains / workforces got disrupted by covid (and possibly protectionist trade policies)... and then covid "ended" and demand rebounded to 2019 levels, but supply takes longer to ramp back up. That, coupled with Russia's attack on Ukraine and the decrease in the supply of energy, caused a spike in actual goods/services prices. Raising interest rates serves to pop the asset bubbles (and already has), but I think only time will solve the supply chain / energy restriction-caused "actual" inflation.