In my view, the money supply has very little to do with inflation for modern fiat currencies - especially USD. Dollars are not backed by tangible goods which ca

In my view, the money supply has very little to do with inflation for modern fiat currencies - especially USD. Dollars are not backed by tangible goods which can be valued, like gold. They are backed by "confidence", which can be roughly seen as something like the proportion of trade conducted using them. In this view, inflation would be caused by slowing economic activity, loss of USD trade dominance, and geopolitical shifts toward multipolarity. Nobody knows or cares about the number of dollars in the world, but we all see new economic currents flowing in Asia and the "global south".