This is why nobody called the effects of QE I and II correctly - if you recall it was supposed to cause widespread hyperinflation overnight when it was unwound.
Welp that was totally wrong because the financial system isn’t some deterministic mathematical function. It’s a political and human organization that will twist itself into doing whatever it needs to do to maintain the current power structure - up to and including breaking any rule that Mises, Rothbard or Jefferson could think of that would restrain the use of signoriage as political power.
According to which economists? Did you ignore the economists who vouched for them and said they wouldn't lead to hyperinflation? Regardless, inflation did happen because of QE I and II but it wasn't hyperinflation as many economists predicted beforehand.
https://www.worldscientific.com/worldscibooks/10.1142/8797#t...
Here is FT using examples from places that specifically policy makers read, which is where it makes a difference:
https://financialpost.com/news/economy/stubborn-inflation-ha...
1) stock market 2) company valuations 3) startup funding 4) housing
Basically the fact that Google, Facebook, Twitter blew up in user growth during the start of QE lead to all the QE money going into startup/tech investments rather than inflating commodities.