Money Supply Metrics - Is M Two Really Important?

Inflation is defined as money creation or debasement in the austrian definition. Sume a price inflation, which is different. M one doesn't matter because they don't measure the shadow money that's off shore. So i don't think that m two is useful. It's actually kind of wort less than worthless,. Because it distracts us from looking at the shadow system and trying to look at measurements where we can see what the moneys are going on with the money supply.