“‘The Fed produced an explosion of the money supply such as has not been witnessed in the last 150 years,’ he wrote in a recent Barron’s column. Siegel noted the money supply swelled by almost 18% between March and July 2020, and 41% in the two years ending March last year, after growing at an average yearly rate of 5.5% for over three decades.”
What was the pea under the inflation mattress: short supply, excess demand, or the money supply? All three?
Monetary Policy and Its Unintended Consequences – Raghuram Rajan/MIT Press
Cantillon Effect: How the Concept Describes the Money Supply