You are naive as the m3 is not just m1. The original thinking is that once increase the base it has to cut back. It never did and for some reason (china) the

You are naive as the m3 is not just m1. The original thinking is that once increase the base it has to cut back. It never did and for some reason (china) the inflation never came! It was until the pandemic underway and masked so much that the world except USA has too late to control the inflation. And putin is not helping. And that firm did not die especially big one does not help, just like russia and later china. The idea that interest rate has to be at least 2% above the inflation will cut and hurt. It is not about the 0 interest rate. But the inflation and the difficulty and having the political will to let the central bank (and they have the clear head) to do the right thing, guy. So far only USA seemed working. And if war in Europe and later in pacific rim ongoing, once again we have USA.