Those rich people and organizations invest in stuff like businesses and real estate. The businesses spend money on things (including labor) driving up costs. Rent and land costs get more expensive too
Usually increasing money supply creates demand for new businesses. Under normal economic times this isn't inflationary because supply increases with growth in money. It's inflationary only if there are resource constraints (think covid).
I guess I would agree if there were no resource constraints, money supply increase wouldn't be inflationary, except I think there are resource constraints.
US is basically at full employment. Labor is a very constrained resource and quite inelastic (for example, it takes ~30 years to grow and train a new doctor). Housing supply in the US is increasing, but the timelines here are glacial. I don't see how increasing the money supply won't increases wages and land values. And labor and land pretty much feed into the costs of everything else.
Sure, a few things which are mostly imported or automated (t-shirts, some commodities, etc...) might be relatively stable in price, but the bulk of household budgets isn't t-shirts. It's stuff like housing and services (healthcare, education, etc...); if wages and land prices go up, housing and services get more expensive.
The way that basically all economists think it works: https://www.investopedia.com/ask/answers/042015/how-does-mon...
Those rich people and organizations invest in stuff like businesses and real estate. The businesses spend money on things (including labor) driving up costs. Rent and land costs get more expensive too