I actually had more to say about this, but looked for some supporting evidence and realized it was better said elsewhere.
I believe I’ve made the case that the growth in the base money supply is not inflation. If you look at the graphs of M1, M2, and MZM, you’ll see that a contraction has started.
If this trend continues, we are in for an unhappy ride. If you want a pretty graph of how important liquidity expansion has been for the US, see this.
