> then we've seen either a massive increase in economic output or inflation.

No, there wasn't a massive increase in economic output nor a hyperinflation. But there was an asset price inflation. World wide we saw a surge of housing prices (in US, China and Europe -- where money supply grew phenomenally over the years), booming financial markets and a massive price increase of cryptographic money. So much of the growing monetary supply was being absorbed by those markets. But now the time has come where the all the additional money starts having an effect on the price of everyday items.

So contrary to what you _want_ to believe, Milton Friedman turns out to be right ... again.