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If that was the major cause, then inflation would have been lower in countries like Germany that didn't overstimulate.

Instead those countries had higher inflation.




> then inflation would have been lower in countries like Germany that didn't overstimulate

Germany massively stimulated to the tune of 15% (fiscal) and 25% (guarantees) of GDP [1].

[1] https://www.imf.org/en/Topics/imf-and-covid19/Fiscal-Policie...


Those numbers are significantly smaller than the American numbers, yes? Also, Germany kept their deficit under 3%.


> numbers are significantly smaller than the American numbers, yes?

15 and 25% versus 25% and under 3% strike me as in the same ballpark.

> Germany kept their deficit under 3%

Now. Not in the pandemic [1].

[1] https://www.imf.org/external/datamapper/GGXCNL_NGDP@WEO/DEU




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