Editor's note: Originally published at tsi-blog.com on June 9, 2020.
[This blog post is an excerpt from a commentary published at TSI last week]
In most countries/regions, the money-supply growth rate bottomed in 2019 and by the beginning of this year was in a clear-cut upward trend. Then came the "coronacrisis", involving widespread economic lockdowns and unprecedented central bank money/credit creation designed to counteract the effects of the lockdowns. A result was a veritable explosion in monetary inflation rates around the world during March and April (April being the latest month for which there is