How do you explain the situation in Japan? Their money supply has grown steadily over the last couple decades, yet they've seen basically no inflation.
The normal explanation is money is a lubricant for the economy, as the economy grows so must the money supply or you get deflation. On top of that some percentage of physical money is lost or destroyed every year. Picture what would have happened if the exact number of bills in 1922 where in use in 2022.
That said there are a lot of different short vs long term effects.
In calculating the effective size of the money supply you have to factor in loans marked to market. In a fractional reserve lending system, when a borrower defaults money is essentially destroyed. A lot of loans in Japan are still being held on the books at face value. The fact that there has been no inflation is evidence that many loans will eventually default.
Except that Japan is famously also experienced very low economic growth (plus the same recessions everyone else experienced) over the last two decades. Its money supply doubled though...
Which is why theories of inflation which insist that inflation is equal to how much money the government created are wrong, and theories which don't dismiss the role of other factors aren't.
(especially if the "government printing" theories also fail to understand that the government wanting to spend money isn't dependent on "printing" - at least not in a country like the US and especially not at current bond interest rates - and the private sector wanting to borrow more from banks is)
Or on a more technical level, the interpretation of the Quantity Theory of Money which holds that prices and transaction volumes are relatively steady and so prices are always driven by the money supply is unequivocally falsified by the experience of Japan. Also the US (where inflation didn't double prices of everything over the last couple of years, it was just a bit above normal levels, and you didn't experience deflation or shrinking asset prices when the money supply shrunk a bit a few years ago) or basically any other country and era....
I'm no expert on the Japanese economy, which means I'm not ready to accept the claims about it at face value. Too many times I hear such claims about something I know about, and know why the claims aren't correct or the conclusion is not correct.
That said there are a lot of different short vs long term effects.