Global money supply just hit a record $144 Trillion. Is this the real driver behind the market melt-up?

The latest macro numbers are honestly staggering. According to recent data from The Kobeissi Letter, global broad money supply surged by $13.6 trillion YoY in December, hitting a record $144 trillion. Even crazier: since the 2020 pandemic alone, we’ve added $44 trillion to the system.
​Everyone keeps justifying high equity valuations with AI hype or future earnings. but looking at this massive money creation outside of a crisis, it feels like we are ignoring the obvious: pure asset inflation and currency debasement.
​How are you guys positioning your portfolios for this? Does holding cash or fixed income even make sense right now compared to just holding broad market indexes?

​Source: https://x.com/KobeissiLetter