The Great Financial Crisis and the Pandemic Response

The difference between the great financial crisis and the pandemic response is not only we increase the supply of money, but we gave a bunch of checks in the hands of ordinary Americans. Most Americans are really spending above and beyond what normally do because they have been financed by all the money they receive during the COVID period. That money, however, is not infinite and sooner or later will come to an end. If we end up that the famous punch ball of the monetary economy is withdrawn at the same time as the ecstasy ends, then we are really down on a major hangover.