The Response to COVID

The amount of real economy money printing was outsized Kevin. So effectively you give people more money to spend on services and goods, not money stuck in the financial system. You wait for a bit, you reopen the economies and then all of a sudden you get a huge amount of aggregate demand coming through. And then it also coincided with supply bottlenecks and the war and everything we know. Yeah, I don't think enough people understand the response to COVID. The government was mailing checks and spending money into existence. Whereas in the previous case in the great financial crisis, they were actually cutting back on their spending and reducing it.