This is actually more true than people realize. Gold is down to flat even after the the huge Fed announcements. The CRB index has been getting crushed in the last month. But this short-term liquidity demand is going to go away. The real inflation story is going to be when it does and the economy settles down. Then we will have all these programs that pumped huge amounts of money into the system, and unless they are sanitized watch out. I've seen people losing a lot of money on gold calls, but i think the proper time for that is going to be when this short-term credit demand has dried up and business starts returning to normal.

The crucial question is when does business return to normal? Credible experts have put the time to a vaccine at 18-24 months. Until then, what sort of "normal" is plausible for say, an airline, or a dentist?

> the money printer going "brrrrr"

For those who have yet to have the enjoyment of the experience: https://brrr.money/

Can someone explain the 'going brrrrr' meme to me?

I've seen it used in other contexts but can't quite fully grasp what is meant by it.

It's a tongue in cheek reference to the Federal Reserve "running the printing presses", generating as much fiat as necessary to support the US and global economy. With the US dollar not on the gold standard [1], or tied to something physical resource, the Federal Reserve can create money out of thin air without constraint. Ergo, the "money printer goes brrr".

https://www.nytimes.com/2020/03/23/upshot/coronavirus-fed-ex... (The Fed’s Message: The Money-Printing Presses Are Fired Up and Ready to Go)

[1] https://en.wikipedia.org/wiki/Gold_standard

The sound of a lot of paper money being processed:

https://www.youtube.com/watch?v=ehFImqzVWos

This seems true, every currency pair against the US dollar that I checked is down substantially. Yen, Cad, Eur, Gbp, among others.