I could be completely wrong about this, but the counter side of this is that when stock prices goes down (due to interest rates or whatever else) the value destruction is not equal to the money transacted. If you buy 1000 shares of TSLA for $1000 your position was $1m. When I buy 1 share for $5 after the crash you've lost 99.5% despite not transacting a penny. Hey presto! All that inflation disappeared!