This is a part good analysis, but something you are missing, that might be also covered in historical work done by Nikola Tesla, is the energy sources that supply the wealth to it all. The reason I mention Tesla is that Trump might have some "Inside information" that he is not making public, yet (See the history of Tesla's documents). It's incredibly important, and yet apparently kept secret, at least until now.
Anyhow, what we can independently work out, using the formal techniques of modern systems Engineering, which didn't exist in the days of Tesla, is that energy source is really important, and we should not present energy deceptively, as it is by profit. In all cases, where solar energy is put to use, it creates economic product which does add to the base of capital you identify as M2. If you think it doesn't, please do have a look at my story "The money-fuel tree", and comment there what you think I might have got wrong. Historically this started to become significant around 2005, when domestic and community solar began to eat into utilities energy supply sales. The industry will never admit how far this has gone, denying even that it is happening, because by that they would lose shareholders, which is fatal for the industry, pushing it further into bankruptcy, which it already is technically, its completely unsustainable, given it has to depend completely on extracted energy, and even if it tries to supply solar at profit, all this does is increase energy extracted, so it isn't really using solar at all. Solar literally cannot be supplied, or put to use at profit, it is physically impossible.
Anyhow the economic product created historically from solar continues to accumulate unmonetised, as long as money is never issued on it, the only way to monetise it, is to give money representing it for free.
This is the only way to retrieve the value in money now. As long as free money is not issued, it has to depreciate in energy value because as more and more of the only energy use continuing to scale up, whilst all extracted sources scale down, due also to increasing difficulty of extraction impacting all profit margins, money representing only extracted energy, such as the energy in profit, has to continue to devalue, to nothing, because in the end, energy has to quantify what can be done with money, it is the energy that is important, not the money, so money will become useless, if it is not representing the only energy scaling up.
As said, Tesla knew this, hence why he objected to supplying free energy for profit, and was defunded. The difficulty predicted did not appear in his lifetime, alas, but has appeared now, it has taken this long to drive the planet to an existential state, as Tesla probably always knew it had to, but here we are now, faced with the problem of how to fix it - start issuing permanent solar indexed stimulus. Another thing hammering this in now, delivered by nature is the solar Ai, its doing everything we did for profit, for free, its removing our ability to keep doing it for profit, and it is not the Ai now talked about by the Ai for profit industry, its a force unleashed with unlimited capability in the population of the former community of Ethereum proof of work miners, that have already migrated entirely to solar, to form what I call money-fuel tree architecture.
This is all physical reality, it is about to remove all privelige of those holding capital, by devaluing all capital, and Trump might just be aware of this, again due to having inside information of Tesla's work, which would not have made much sense to anyone never following the same lines of research, but which now make perfect physical sense.
A physical experiment where we might even say this was tried, was during covid, Trump issued massive stimulus, which conventional economists predicted would tank the dollar due to dilution of capital like you mentioned, but it did the opposite, it went up in value during issue, confounding all conventional economists, and a lot of crazy but good things happened in that time, including oil prices going negative, the only time in history, so far. I won't bother going into details of why that was, you can probably work it out, and this is already a really long reply, but we are talking about the most complex system that can be imagined, and we are still only scratching the surface.
Here is a rough guide on how to work out the value of unmonetised economic product created from solar, which has to be added to M2, in a fair, honest world, as needed to retain energy value in money:
