That is a misleading analysis. The credit you are referring to as part of the money supply is bank credit, which is created by the central bank when they introd

That is a misleading analysis. The credit you are referring to as part of the money supply is bank credit, which is created by the central bank when they introduce currency units. Credit has been moving from the private sector to the public sector. The US govt has already run 1T debt in Q1. What they couldn't borrow from abroad with treasuries, they had the fed print money to buy the excess treasuries. Now we're hearing noises about how the fed wants to issue bonds. Inflation is coming, just have to figure out what to hoard.