I would think inflaction is a factor of both money supply and velocity. I think the supply is way up, but the velocity is way down. That is why inflation is not up as much as Carter (but is up much more than the fed admits to).
Yes supply is up, but where is real capital.
Yes no velocity means no turns which means no real commerce. When the system crashed they essentially flooded the markets and banks with cash and really forced banks to get garbage off their balance sheets no matter what. But it feels totally contrived and controlled. Again no real free-market accelerator for growth...