Illiquid Tide

'Cause the hurt doesn't show
The pain still grows
It's stranger to you and me
--Phil Collins

Interesting chart below. For decades US households carried enough cash to cover liabilities.

That all changed 10 or so yrs ago. Now US households operate in an illiquid state.

Which begs the question: how can we get big time inflation, where folks are getting rid of their cash because they fear dollars will be less, if they don't hold any cash?