After all, as of September 2021, M2 has increased from $15.2 trillion to $20.9 trillion since February 2020. That’s an increase of 35 percent. Yes, some of that has been kept within the banking system through the Fed’s payment of interest on reserves, but a lot of it clearly has entered the “real economy” through stimulus payments, unemployment insurance, and federal deficit spending in general.
https://mises.org/wire/feds-inflation-behind-supply-chain-mess
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