I'm sure there are better sources, but see: https://en.wikipedia.org/wiki/Money_supply#Link_with_inflation https://en.wikipedia.org/wiki/Money_supply#Link_with_

I'm sure there are better sources, but see: https://en.wikipedia.org/wiki/Money_supply#Link_with_inflation https://en.wikipedia.org/wiki/Money_supply#Link_with_inflati... The intuition is that if you hand me a bunch of cash, and I stash it in my mattress, there is no inflation until I begin to spend it.