People seem to think that inflation hasn’t kicked in yet, but inflation supposedly happens when too much money changes too few things.

I think we are already seeing inflation as a result of increases in the money supply, but the inflation is limited to those sectors to which the increased money supply has flowed. The money being printed hasn’t flowed into people’s pockets, it’s flowed into the financial firms. As a result, the prices that have gone up are those of securities, the things financial firms buy, rather than food and clothes, the things people buy.