The problem with all these analysts is that they have no clue as to what extent technology is affecting costs and will have down the road. Also, as you say, if a 30-40% increase in the money supply does not cause inflation, then it must because of the fact that that money is not circulating in the economy, chasing goods and services - as it didn't in 2020. But even if you had full employment, technological development would severely dampen inflation as well as the fact that there still are plenty of countries and regions left with low wages.

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