Hi, Nicolas. I agree that this is an important topic for investors. But I have a big definitional quibble: Central bank bond purchases are NOT money printing.

When central banks buy government bonds they are just performing an asset swap: trading typically zero yielding liquid bank reserves for (nearly) zero-yielding liquid Treasury debt. Consolidated public sector liabilities (Treasury plus central bank), or the yield/liquidity of private sector assets are little changed. Of course there are no inflation consequences.

Real "money printing" would be just that: mailing everyone a brick of $100 bills. That would work. (And that is sort of what the US Treasury and Fed have done this year, which is why inflation has become an issue.)