When you have a more powerful currency, you can outbid foreign countries in internationally priced commodities like energy, foodstuff, fertilizer and other things. Even things that are priced internationally are, again, repriced based on the power of one's currency. If you're printing lots of cash, your currency is less valuable than it would be.
I also note that supply chain-dependent countries—like the island of Singapore, Italy, South Korea, Australia, France, Indonesia, China, Switzerland, Saudi Arabia and Japan—all have lower inflation than Canada. Most of them have run smaller deficits and have printed less money as a share of their economy.
Finally, in the early fall, there proved to be a nearly one-for-one correlation between money supply growth in the G20 and inflation among G20 countries. Those that were printing more money to fund their deficits had higher inflation; those that were printing less money, because they had small deficits, had much less inflation.
Isn't it basic economics, Mr. Cross, that if your money supply is outgrowing your economy, you're going to have higher prices?