Which is the more direct driver of inflation: increase in Money Supply ("printing $$$") or how fast the Money Supply turns over in the economy ("Velocity")

Analysis always leads to better decision making than does "common sense"

The argument from a CPA colleague of mine was that the Fed's "printing" of money causes inflation. I countered with the thesis that it is the increase in the velocity of M2 within the economy that causes inflation. Here, the data bear me out.

What appears to be the distinguishing driver is how liquidity enters the system: to whom is the money given? When…