This is confusing definitions again. Are you using "inflationary" here to refer to the supply of the currency? If so, then sure, but 1) refers to price inflati

This is confusing definitions again. Are you using "inflationary" here to refer to the supply of the currency? If so, then sure, but 1) refers to price inflation/deflation, which is not a predictable thing. So you can compare how "inflationary" currencies are by 2 & 3, but not by 1 -- that's not a mechanical effect. Even the most stringent monetarist in the world wouldn't at a minimum factor in monetary velocity into the value equation. And monetary velocity is a behavioral thing that can be mediated both by availability of current and future capital as well as liquidity preferences of individuals viewed in aggregate.