[WalterBright]

> The argument is that inflation always happens when there is fiat printing.

The whole point of fiat money is to print excessive amounts of it. It's attractive for governments because they can then spend money buying votes without having to raise taxes (though inflation is a tax). Meanwhile, they blame "speculators" and "profiteers" as scapegoats for the inflation.

> yet inflation was low throughout that period

The cumulative was a lot, and note that there was never any deflation.