Except according to (neoclassical) economic theory, real economy is not like Monopoly. In real economy, you can have capital investment (or lack of it), which changes how much real production you have (in Monopoly, this is fixed by the amount of houses available).

So whether increase in money supply causes inflation depends on whether you can increase the production. If it is possible to increase production, the inflation should happen only temporarily, as the extra money from the demand will get reinvested. This should cause the supply to catch up and prices to fall back again.

However, I think the current social inequality complicates the situation a bit. If the investors know that the increase in money supply is only temporary, and the money from the demand will again very quickly end up in the hands of the few (in increase of asset prices), there is no real incentive to invest and increase production, because who will consume, if the extra demand is only temporary? This seems to me like a marxian trap of too low rate of profit (at least for the typical consumer goods).

The general problem with the broad macroeconomic indicators (such as inflation) is that they completely ignore the different classes in society. Unfortunately, the mode american economy is in now (where 50% of it is owned by only a small number of people), this becomes much more relevant.