Perhaps Mr Snyder should do a little digging before jousting with American Thinker for the title of sloppiest conservative reporting outlet. M1's $12t spike was due to an accounting change:
Money Stock Measures,” will recognize savings deposits as a type of transaction account, starting with the publication today. This recognition reflects the Board’s action on April 24, 2020, to remove the regulatory distinction between transaction accounts and savings deposits by deleting the six-per-month transfer limit on savings deposits in Regulation D. This change means that savings deposits have had a similar regulatory definition and the same liquidity characteristics as the transaction accounts reported as “Other checkable deposits” on the H.6 statistical release since the change to Regulation D.
If Mr Snyder looked at M2 (which includes M1 + these accounts and other items) he would find that there was NO $12t spike in April/May 2020. That's because the aggregate money supply didn't spike - one bucket of money was redesignated as M1 whereas it was non-M1 M2.
Now, M2 *did* rise about 25% or $2t during the heat of the pandemic. Some of that is probably CARES Act checks but the balance of it may be people liquidating stocks and parking it in savings. Or something else....THAT is worth researching.
China could try a biological warfare item next time.
I appreciate the information