CNBC Flashback: Here’s why economists don’t expect trillions of dollars in economic stimulus to create inflation

Editors Note: Once again the mainstream media mislead people about the stimulus spending during the pandemic helping billions of dollars of wealth transferred to the financial elites.

Central banks and governments have funneled record amounts of money into their economies to fight the global recession triggered by the coronavirus pandemic. 

The Federal Reserve’s balance sheet has ballooned from $4 trillion in mid-March to roughly $7 trillion. Congress has passed trillions of dollars in stimulus funding, with more likely on the way.

The infusion of cash into the financial system has renewed concerns that inflation could surge.

“People who espouse that view of, as Milton Friedman said, inflation is always and everywhere a monetary phenomenon, if you believe that you look at the central bank balance sheets exploding right now and you say there’s going to be inflation,” Citi global chief economist Catherine Mann told CNBC.