In my book I go into some detail about the equation of exchange (MV = PQ) and why it can be terribly misleading. In essence, the equation is based on totally unrealistic assumptions such as the idea that “money” is some easily discernible item in an economy where financial assets have varying degrees of moneyness. The most basic premise of the equation, the idea that more money necessarily = more inflation, has been thoroughly debunked over the last few decades, but unfortunately, I continue to field a constant barrage of questions about it and how high inflation or hyperinflation are lurking around the corner just ... (full story)