David Bahnsen runs a $4 billion investment fund and so of course pays very close attention to the Fed and inflation. While Mr. Bahnsen is happy to be labeled as a pro-capitalist conservative he has very nuanced views on what the Fed has and has not done wrong. Specifically, he does not believe that the unprecedented increase in the size of the Fed's balance sheet and the inevitable increase in the money supply automatically led to inflation. What does he think might be complicating the relationship? (Hint #1: Bahnsen is a smart guy. He understands the quantity theory of money as well as anyone. Hint #2: Bahnsen is a smart guy. Once the class is over look him up and think about what he as to say.)