I think there's a part of this that most people don't consider which is the eurodollar system. A lot of money is created by the private sector via banks and in

I think there's a part of this that most people don't consider which is the eurodollar system. A lot of money is created by the private sector via banks and in a typical time the majority of money creation is actually done by the private sector. In the case of the US dollar being the gloabl reserve currency and used for global trade much of the money creation is done via offshore banks. So if this eurodollar system stops creating new money at the same rates as before then it's entirely possible for hard currency creation to go up without it being as inflationary as it would otherwise appear.