[WalterBright]

That is a great question, and it has stumped a lot of people. Some people regard it as proof that economic laws are different now.

My take on it is that it's like physics - if you conduct an experiment and determine that the laws of physics don't apply, you've either made a mistake or our understanding of physics is all wrong. Which is much more likely?

My take on the 2009-2021 not causing huge inflation is there was something else going on. Two possibilities:

1. quantitative easing deferred the inflation to the future. There's been a lot of talk in the last few months about it putting the whole financial system onto another precipice.

2. That it did cause inflation - it's just that it compensated for massive deflation caused by the banking collapses.

Or maybe the 25% inflation we see today is just a delayed effect.

(Yes, I know the official rate is 7.5%. But everything I buy seems to have gone up 25%.)