> Money is subject to the same laws of supply and demand as everything else, and when there's more of it, it's less valuable.
But somehow, none of the post-subprime-crisis QE had any impact on the price, how surprising…
The monetarist take on inflation as a product of money supply died in that period (so much that monetarist proponent invented a new concept of “asset price inflation”).
Inflation in general[1] is not and has never been a money supply topic: it's a supply and demand of goods and services issue. That's why inflation rose in 2021 in the US when the supply chain from China was disrupted, and not so much in the EU which is less dependent on China, despite similar monetary policies on both sides of the Atlantic. And why inflation ended up raising in the EU when Russia invaded Ukraine, because the gas supply was vulnerable.
Inflation isn't even related to the “value of money”, in 2021, the “value of 1$” grew on the FX market, at the same time inflation was raging in the US. In fact, during that year, if you were paid in dollar while living in the Eurozone (like I am) your purchasing power grew (because the price variation between EUR and USD was bigger than inflation in the Eurozone).
Another nail in the coffin of this urban legend is the Eurozone itself: the monetary policy is controlled at the EU level, yet inflation in 2022 has been very different between one country to another (from 5 to 15% YoY, that's a threefold difference!).
[1] hyperinflation is another topic, but even there, it's more of a “loss of confidence in the value of currency” than a supply and demand issue.