I think you should compare the money supply with economic growth. (Money velocity: https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V

I think you should compare the money supply with economic growth. (Money velocity: https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V) There's a relation between the two: > Economic growth tends to have a natural deflationary effect, even if the supply of money does not shrink. Some evidence of this phenomenon can be observed in the technology sector, where innovations and technological advancements are growing faster than inflation; currently, the prices of televisions, cellphones, and computers tend to be falling. [https://www.investopedia.com/ask/answers/070615/what-correlation-between-money-supply-and-gdp.asp https://www.investopedia.com/ask/answers/070615/what-correla...]