[totalZero]

The counterpoint may well be that this is a safe way to put money into the system during a deflationary period, because it maintains retirement savings, corporate assets, university trusts, etc, and that allows spending to continue.

The real risk IMO is deflation, not inflation. If money represents production and production goes down, then the money supply (in terms of circulation) is actually being reduced. If money represents activity and people stay at home without spending on much aside from essential costs, the same logic applies.

We have seen slight deflation for the last three months.

Simply printing more money doesn't impact consumer prices. The "where" and "when" and "how much" all matter. If you print the money and give it directly to rich folks who don't change their spending habits and simply add the new money to their coffers, it's almost like you haven't printed anything at all.