> If you look instead of Price inflation, and instead shift of Market Inflation you will see most of the money supply creation directly lead to stock price infl

> If you look instead of Price inflation, and instead shift of Market Inflation you will see most of the money supply creation directly lead to stock price inflation and laregely lead to a huge bubble in the stock market (that is largely still there) where basic fundmentals of a company did not matter to the stock prices. There was (so-called) 'market inflation' in the 1920s when the US was still on the gold standard and so the money supply was fixed. See also: * https://en.wikipedia.org/wiki/Panic_of_1873 https://en.wikipedia.org/wiki/Panic_of_1873 And also: * https://en.wikipedia.org/wiki/Canal_Mania https://en.wikipedia.org/wiki/Canal_Mania * https://en.wikipedia.org/wiki/Railway_Mania https://en.wikipedia.org/wiki/Railway_Mania The supply of money has no relation to the existence of stock bubbles.