A technical answer would be too long for a tweet, but the monetarist argument is

A technical answer would be too long for a tweet, but the monetarist argument is a general rule (true) that asks us to seek reasons for deviation from monetary neutrality by other than normal fractal(lossy) dissipation. It’s obvious where the liquidity went – and will evaporate. https://twitter.com/BrankoMilan/status/1321123409468760065