Commentary Careful thinking should caution you not to wager the house on the assumption of future inflation. For starters, the Federal Reserve Bank of St. Louis has generously computed the velocity of M2 Money Stock. Their analysis shows that the velocity of M2 money stock has plunged since the pandemic began. It is now at a 60-year low. This reaction contradicts the presumption that inflation is destined to soar as the Federal Reserve remorselessly multiplies our pure fiat money. The Federal Reserve Bank of St. Louis kindly observes: “A higher velocity is a sign that the same amount of money is being used for a number of transactions. A high velocity indicates a high degree of inflation.” Therefore, it follows that a decades’ long low in the velocity of money in all probability does not auger for runaway inflation. Suppose the rapidly increasing reserve theory necessarily led to high inflation …