Quantity theory of money, or fiscal theory of the price level?

The rebel-controlled Yemeni rial is made up entirely of a fixed supply of notes printed prior to 2016. In the chart below you can see it appreciating in value (the blue line) against the dollar, issued by the world's most powerful state. pic.twitter.com/vioXHmz2wQ

— John Paul Koning (@jp_koning) November 15, 2023