He-heeee, you thought I unearthed my Money Illusion review (#1612315) for no specific reason, huh?

We've discussed this Danish economist a few times (#1595371, #1595169) here on SN's own money-partying ~econ pages.

Scott Sumner in The Money Illusion used a table populated with simple change-versions of MV=PY... Christensen is more direct. // Look at my graaaaph, my graph is amaaaazing //:

...ironically and symbolically, Iceland is SMACK ON THE LINE... #1595169 which it was in Scott's lil table, too.

I have looked at 42 countries since December 2019. For each one I compared how much faster broad money has grown than the real economy with how high inflation has been. The slope is 0.50 – one percentage point more money growth a year has meant roughly half a percentage point more inflation.

Now, of course this isn't great science or great econometrics by any stretch of the imagination... but if you think money has nothing to do with inflation, or money doesn't belong in monetary policy or the economic models used by central bankers, then MAYBE LOOK AGAIN?

Yes, yes, a hundred other things going on... and velocity is a black box and quite often (hashtag eurodollar) so is "money" -- and are we talking broad or base, and which version of broad and blah-blah-blah? -- but money is key.

And what I like the most is that he tells the supply-side/MMT/omg-it's-a-plandemic people to eff off:

So forget supply chain disruptions and greedflation – that was always nonsense. Supply shocks change relative prices. They do not create years of broad-based inflation across 42 countries.
Nominal spending remains excessive across the world, and that is what is keeping inflation elevated everywhere.

"The countries that printed the most money got the most inflation. Switzerland and Japan, where money barely outgrew the economy, got the least."

Yeah, shocking.

I guess this, reverse-causality warning, is as reasonable as any objection:

thus... "rich guys drive Porsches, so drive a Porsche and you'll be rich"?! https://x.com/JohnHCochrane/status/2120001479746687075