That multiple (called the money multiplier) is determined by the reserve requirement or other financial ratio requirements imposed by financial regulators.
The effectively infinite demand for money causes the relationship between the narrow and broad monetary aggregates (the money multiplier) to break down.
This inverts the mainstream textbook money multiplier relationship between deposits and loans since loans are said to cause deposits which in turn cause reserves.
That being the case, the usual inflation levers aren't working given the excessive liquidity of bank balance sheets, which reduces the money multiplier we'd witness coming out of recessions.