Re: M3 = stealing from the laborer to give to the investor?
There's a basically insurmountable stumbling block to this theory. Most workers are nearly indifferent to inflation. Inflation decreases the value of things that have a fixed value:
-Cash
-Fixed-rate debt
-Contracts specifying a nominal price for something.
Except to the extent that laborers hold cash or are tied to long-term, non-renegotiable labor contracts, they should be economically indifferent to high inflation. Obviously that's not perfectly true because of transaction costs, and because unpredictable inflation will create economic problems that hurt everyone, but it's broadly accurate.
The people hurt most by inflation are corporate bondholders, banks and investors in the prime (fixed) mortgage market, and people who hold lots of cash. Those people are (broadly-speaking) investors rather than laborers.
An asset bubble is necessarily zero sum, except to the extent that wealth effects drive excess consumptions. In conclusion, I believe that your proposed theory is not accurate.
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