"inflation is determined by the entire quantity of dollar denominated equity–let say 70 trillion for round numbers."I'm not convinced. Maybe the relevant baseline is not the entire quantity of dollar denominated equity but rather something like M2, which I believe is around $10T. That's a big difference. Of course, if we add credit as part of the money supply (as I believe we should) then we're back to a much larger number. What happens if credit starts to expand, amplifying the effect of the Fed's printing?