"There is a very difficult to miss correlation between money supply and inflation though." What's the money supply and inflation in Japan? You can't see the '

"There is a very difficult to miss correlation between money supply and inflation though." What's the money supply and inflation in Japan? You can't see the 'money supply' unless it is stationary. If it moves, then it gets taxed away. There is no correlation between what some people call money supply and what some people call velocity - largely because the proposed mechanism for decomposing GDP into those two values (the MV bit) is unscientific nonsense. You can prove that if you have ever held a balance in a bank account for any length of time, held any monetary savings in currency or bank account form, or ever not immediately spent money the instant you get it. It has zero velocity. What you perhaps have overlooked is the opposite correlation - that too much inflation causes money. If you have higher prices then to maintain the same transaction levels at the same speed we need a greater quantity of money in flow. Which is what happens. People start borrowing to pay the higher prices, which creates money. This current set of price rises is a supply side hiccup caused by lockdown and an opportunistic Russia and OPEC, who we have given excess power by closing down the carbon economy before we had properly built out the green one.