Equities markets going up is not inflation. If that was the case, if the market collapses, does that mean the central banks are tightening and stopped printing money.

The only reason the stock markets are as high as they are is because central banks are doing extremely aggressive quantitative easing. If the state of the actual economy dictated the stock prices, the stock markets would be in the toilet.

Plus, when people sell an asset, they get real money in their account.

Yes, so?

This notion that inflation is evident in the markets is a new concept pushed by inflation hawks who cant find it anywhere else. Is it true that those closer to the central banks benefitted a great deal more than the average person? Absolutely. Wall Street is making out like bandits.

I don't care who calls what what but one fact is clear, the current stock market valuations have very little justification in how much profit most corporations are turning. With the ongoing lockdowns, how could the global economy be in such a good shape as to justify the current stock prices. The answer is it isn't. The money to prop them up is being printed.

However, to frame the inflation discussion in those terms will misleading. The fact is 40 years of results disproved Keynesian theory yet people still hold onto the model that money printing leads to inflation.

It's a serious mistake to talk about inflation as a single thing. You've talked about it a lot yourself. Depending on what goes into the production of a good or a service, its price will go up or down in vastly differing ways. Genuinely scarce assets such as Bitcoin, art, prized real estate that carry status value are gaining whereas anything that has a lot of information technology baked into it will rapidly depreciate.