Changes in the money supply don’t alone cause crisis. There might be some transient non-linear effects to certain sectors of the economy, which can be dangerous, but if done slow enough usually aren’t. In steady state money supply (and inflation) matters very little to how the economy functions.
What matters more is the functional status / size of the economy. If the economy ceases to function then you should be alarmed. Of course the economy has been damaged during the past year but to what extent is not still fully known and is not easily gleanable from changes in the money supply.
Politicians go very wrong with this when they assume that pumping the money supply has a causal effect on the economy. At small scales it can but generally it doesn’t. You can throw millions of dollars at a pig, it will never be able write software for FAANG.
What matters more is the functional status / size of the economy. If the economy ceases to function then you should be alarmed. Of course the economy has been damaged during the past year but to what extent is not still fully known and is not easily gleanable from changes in the money supply.
Politicians go very wrong with this when they assume that pumping the money supply has a causal effect on the economy. At small scales it can but generally it doesn’t. You can throw millions of dollars at a pig, it will never be able write software for FAANG.