[JumpCrisscross]

> You are confusing inflation with volatility. Prices may rise and fall without changes in a money supply.

You are confusing inflation and debasement. When price levels rise, it's inflation. Even if the money supply shrinks.

This difference is meaningful because for a currency user, stability in value is more important than stability in the number of imaginary things. In 2008, U.S. dollar broad money supply crashed while central bank money surged. That is less meaningful to a currency user, or even financial market participant, than the amount of goods and services each dollar today buys compared with yesterday and tomorrow.