[SpaceRaccoon]

> Printing money is, by definition inflation.

I disagree. Increase in prices and decrease in purchasing power is inflation.

Classical models of economics argue that increasing the money supply (i.e. printing money) causes inflation. The modern day paradox is that it hasn't caused consumer price inflation in US and Japanese economies.

Why is that? Maybe all the money has flown into assets, causing asset inflation. Maybe the decrease in purchasing power is offset by the increased demand in US and Japanese reserve currencies. Maybe consumer good production (supply) has grown, offsetting inflation.