I'm aware of velocity. The government didn't hand out trillions in transfer payments during the last 10 years of money growth so I think the velocity side is co

I'm aware of velocity. The government didn't hand out trillions in transfer payments during the last 10 years of money growth so I think the velocity side is covered as well. The popular wisdom regarding the tulip affair is widely acknowledged to be BS and it is played out regardless, So I'd recommend to pick a more interesting anecdote if you want to make a point regarding economics. On the other hand I have absolutely no doubt that asset bubbles can be inflated by printing money and you are misunderstanding my point if you think I'm insinuating otherwise.