It seems to me that the money supply should correlate to inflation.
The argument to this is that the money supply too hard to track because of fractional reserve banking.
On the other hand Mises does publish the True Money Supply.
Is there a graph that shows that the money supply does correlate to inflation?
Is the reason that we are not seeing more inflation, as a result of QE and similiar, because those do not answer Rothbard’s definition of true money?