Yes, but the **MONEY SUPPLY** is all cash plus all credit. Here we are in the largest credit-based economy in world history, and some people still forget the entire *credit* half of the money supply when checking to see if the money supply grew (inflation) or shrank (deflation).
Hey, the cash grew! Oops, the credit shrank. Which event was larger?
Not credit. Credit is gas. It is not inflation. It is not part of the money supply and counting credit just obfuscates the whole thing and makes it impossible to forecast or analyze anything based on the money supply. It is a straw man.