I believe you when you said M3 grew at 8% a year. I asked you what inflation rate was caused by that 8% M3 growth rate. You said 8%.
Please show me the formula that turns M3 growth into inflation. Thanks.
Ah, sorry, as I see it, the growth of the money supply *is* the inflation rate.
Price stability is an entirely different matter. The effects of inflation on prices are neither instantaneous or homogeneous nor predictable in my opinion which is one of many reasons the politburo should not be trying to to manipulate the economy on its estimation of the literally chimerical price level.