There is a feeling that the wisdom of monetarism has vanished during the last decade. Exceptional interventions of the Federal Reserve (FED) and the European Central Bank (ECB) have barely avoided deflation and have achieved delayed and modest growth. The absence of a solid monetarist explanation has been notorious. Moreover, after the formidable impact of lockdowns, many economists are now predicting a prolonged recession followed by a protracted deflation Japanese style, even when a much larger FED intervention is underway. Where is monetary policy headed to? What is ahead, inflation or deflation? Are we simply witnessing the final demise of monetarism? Or something else is at stake?