Why might Robert Stauffer be right? If he is right, what is he implying about the equation of exchange and the quantity theory of money?

Robert F. Stauffer, Emeritus Professor of Economics at Roanoke College, Salem, Virginia, argues that the Fed’s monetary policy cannot closely control the price level, and an inflation target can be achieved only by chance. He takes issue with Harvard economist Martin Feldstein, who argues that the Fed’s easy money policy will eventually raise the inflation rate to more than 3 percent.