Can you expand? Why is American stimulus not comparable to Zimbabwean stimulus? Personally (as someone not familiar with these topics) I thought the video did a good job of explaining why it was comparable.
Zimbabwe (like Venezuela) didn't get hyperinflation because they "printed" a lot money, they had to "print" a lot of money because they get hyperinflation (1).
The video actually mention this in all the examples that use, it's only that it get the conclusions wrong. If you destroy the productive capacity of a country, you are going to get inflation, that's inevitable. That's not what happened in the USA.
The authors of the video, also, don't understand the difference between adding bank reserves (not inflationary beyond a point) and fiscal stimulus (which can be inflationary beyond a point).
The good thing is that, maybe, in the future, when hyperinflation doesn't happen this time, I will not have to hear this nonsense anymore. One can hope, I suppose.
But that's not what this video is claiming, the video is talking about Zimbabwean style hyperinflation. That's not going to happen in the USA or the EU. Those are very powerful economies with a productive capacity like have never seen before in the history of humanity.
Actually, I think that even if in the short term we see some inflation in the Euro-zone, in the middle term we will see deflation and grow far below the USA because, as always, the masters of the Euro will refuse the needed fiscal stimulus.
I wouldn't hold your breath. Inflation doomsday predictors have been at it forever. We didn't see hyperinflation during the 2008 stimulus. That hasn't stopped people from yelling about it this time around.
The difference between Zimbabwe printing a ton of money and us printing a ton of money boils down to social capital, cultural capital, political capital & influence. The US has all of these in spades, which Zimbabwe never had. This allows the us to exert an outsized amount of influence on shaping the story, which in turn allows it to print money with impunity.
Mugabe printed so much money that it was a strain on the world's money-printing presses, and Zimbabwe is a small country. Doing something comparable for an economy as big as the US... I don't think so. Logistically probably impossible even though only a little money is cash, and the attempt would IMO run that "social capital, cultural capital, political capital & influence" down to Mugabe-like levels.
Even though the US may be the country with the largest ability to do that kind of thing, its ability does not stretch that far.
And if your country is producing as much as the US is producing, you should not fear hyperinflation.
Tangent: Money supply is an adjustment variable, and most government don't even have direct power over it (not even China). more than 90% of all euros are created through loans. Consummation loans alone created more money that European stimulus package.
We need publicly created money because all money is ultimately publicly created - all the money any of us earns was created by the US government.
"Printing money with impunity" is a loaded phrase if ever there was one. Behind it is a whole narrative and belief structure which thinks money is something other than a unit of account, that has to be "earned" even by the entities that issue it, or somehow tied to other tangible assets. This is a bogus understanding of money, imo. Warren Mosler explains this in a variety of books and YouTube presentations.
ZMB OTOH probably had a weak currency and an economy largely dependent on imports. Therefore when they started printing money it became worthless since it was a proxy for a currency they didn't control (the USD), and a strengthening of the USD would have a huge impact in reducing confidence in the ZMB dollar. A similar thing happened in Venezuela and Post-WW1 Germany I think.
For a better explanation see Big Debt Crises by Dalio.
That's the root cause of ZMB hyperinflation. As well as droughts and a reshuffling of agricultural land that did not benefit anyone, decreased overall production and created food stress.
Well, for one thing, the US wasn’t engaging in a massive and extended campaign of expropriation of productive assets that was destroying the core of the economy over a period of years while printing orders of magnitude more dollars than had ever existed, when inflation by traditional measures waa already significant when the money printing started.