Quantitative Easing Doesn't Cause Inflation

The Bank of Japan after the real estate deleveraging crisis of the 1990s started basically with quantitative easing exercises of K-Ovenis sorts. Those increased the amount of bank reserves in the system pretty dramatically in Japan. But banks even having a lot more reserves than before, didn't even renew the existing loans once they rolled over and actually decided to shrink their loan books. So I think we've established that quantitative easing doesn't cause inflation yet. Here we are kind of two years into one of the biggest inflation spikes that we've seen in ages. First of all, what do you think caused it? And then let's talk about afterYou explain what he thinks caused it, how