We should not forget that the loss of income caused by the crisis will inevitably reappear somewhere

The loss of GDP in OECD countries in 2020 was considerable, yet there has been no decline in household purchasing power or in real corporate earnings. This is due to the massive fiscal deficit that has been run up and monetised by central banks, and which has enabled the private sector to maintain its income. But a loss of income cannot disappear, it will inevitably reappear somewhere: If the fiscal deficit had not been monetised, it would have to be reduced later, and the loss of income would simply have been deferred over time; If money creation led to inflation as in the past, the loss of income would have appeared in the form of inflation , taxing money balances; If money creation, which is the case in contemporary economies, leads to a rise in asset prices, the loss of income appears in the form of the loss of the ability to buy assets with income (a loss of purchasing power with respect to asset purchases).