[charwalker]

I'll take the side that you are right based on the argument in the article but there are better arguments to make. Right now other factors are driving inflation down like lack of consumer spending, consumers outright not paying rent, and that the US dollar is spread across billions of people outside the US where the dollar underpins their economy or USD reserves back their currency. These factors offset the on paper inflation of injecting $5 trillion into the US/world economy but if this was, say, 2017 then they would definitely not.

Our current economic situation is more like 2008/2009 than a boom year where the velocity of money, not technically perhaps but the idea more or less, is very high. Even the decade since the 2008 crash has seen low inflation, at least in the US, and we've seen double digit drops in revenue and sales volumes for several months let alone numbers for the rest of 2020.

For a relevant example here, would WeWork/Uber/Tesla have raised billions in private funding in late 2009 or early 2020? Did the last decade boom in private equity cash on hand drive ability to gain investment ex. increase velocity of money in private investing? None of those companies are critical day to day for US citizens or the economy, at least compared to major banks or grocery stores and maybe they did actually see huge investments during difficult times, but I think the thought experiment stands.