Is there a risk of “flight from money”?

Flight from money is a situation where economic agents lose confidence in the value of money and seek to get rid of their monetary assets to buy real assets (real estate, equities) or goods and services or assets in foreign currencies. When a flight from money is triggered, asset prices (real estate prices, share prices) and goods and services prices rise sharply and the exchange rate depreciates sharply, which reduces the proportion of wealth invested in monetary assets. This movement can be triggered by too rapid a growth in the money supply, leading to a loss of confidence in the value of money. We are now seeing a flight from money in Argentina and Turkey; in the euro zone and Japan, there are signs of flight from money: exchange rate depreciation, inflation, rising asset prices. In the United States, there is inflation and rising asset prices, but the exchange rate is appreciating, which does not correspond to a situation of flight from money.