It’s true that it’s been considered quite a mystery where all the inflation went in the wake of QE, given the massive increase to the money supply. But I’d suggest that inflation did indeed occur, just not in the ways that people expected. They were expecting to see inflation in the price level of consumer goods like normal, whereas QE actually inflated asset prices like equity and real estate because of the way it was administered; namely, the money was more or less given to wealthy asset holders in a classic trickle-down manner.

2018 winner of the Dalton Camp Award for essay-writing. M.A. Political Science. I'll go to the mat for the Oxford comma.

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