Please cite your source as to why you think there's one person or a group who's disproportionately benefitting and has a huge stash of new money over the last year. Who are they? This is just pure speculation. Do you have a study which quantifies the Canitillon effect?

Likely many people are saving a little bit of extra money because the whole COVID situation is pretty nuts and it's leaving people scared. This has reduced velocity, and printing made up for it. More than likely it's everyone who saved a little extra for the rainy day fund, and everyone got a little extra stimulus.

JPow didn't just walk up to some guy on the street and hand him a check for 25% of the entire US M2 money supply, that's not how this works, and further, concentrated wealth positions like that decrease velocity! That's the effect the Fed is trying to counter! To increase velocity the money has to be disbursed.

There's a case to be made in [1] (Sumner) that the Cantillon effect, while it exists, is irrelevant as it doesn't really matter who gets the money first.

[1] https://mises.org/library/note-some-recent-misinterpretation...