At an abstract level this is true for all capital assets to some extent. The price level correlated with the velocity of exchange for the asset class, if everyo

At an abstract level this is true for all capital assets to some extent. The price level correlated with the velocity of exchange for the asset class, if everyone in Boston tried to sell their house tomorrow the market would crash, even though on paper the real estate value of Boston is around 100 billion. On the other end, you can sell 100 billion in treasuries without a problem (fingers-crossed). On a day to day basis the trading volume relative to the size of the asset is minuscule. Economists track money locked into different tiers of static assets as different money supply tiers. M0 is the money that gets used to buy your morning coffee, M4 is things like government bonds and housing. There are different tiers in between for things like your car, an assembly line, or a stock. The reason the rampant money printing of the last decade didn’t effect inflation was due to the money being locked up in the low velocity tiers which have ballooned in size over the last decade. Any event which causes people to liquidate these assets such as war, supply disruption, energy crises, or disease moves inflation higher as the asset battery gets deployed to fight the crises. Biggest historical example of this was the WW2 where all sides had to adopt measures to counter inflation.