If there's more money, and the more money circulates, and the velocity doesn't change, and the real economy doesn't grow (that is, more stuff is not being produced), then what possibility is left but inflation? Or, in your theory, which of the "outs" that I stated is the one that you think is operating in the real world?

From where I sit, the past 40 year have shown that, if you grow the money supply only a little bit faster than the real economy grows, then you only get a little bit of inflation.