> US money supply more than doubled, but the balance in most people's bank accounts and wallets didn't double. The doubling went to actors who don't spend it, driving velocity down.

Note that this was done in response to the velocity going down for reasons unrelated to the money supply, and largely because the government completely dropped the ball on fiscal stimulus so the central bank was left pushing the one lever it has, even though the circumstances were such that that lever was obviously not well suited to move the economy in the intended direction.