> I don’t deny that supply shocks can trigger inflation, but without excess money supply the effect is limited. Since 1970, only supply shocks have caused infl

> I don’t deny that supply shocks can trigger inflation, but without excess money supply the effect is limited. Since 1970, only supply shocks have caused inflation so idk why you’re so confident that it wasn’t the case this time. Volker doing what he did while oil prices tanked really fucked with the economic understanding of a whole generation of people. Like, you’re literally saying “hey, the occurrence of X in 2008 doesn't count, and when we did X again in 2020 with Y that’s when X really mattered, but yeah Y is marginal. Also ignore that when Y happened without X in the 70s it happened too.”