[LS]

One theory I have heard for the absence of inflation, that SHOULD accompany such massive borrowing and money-printing, is that even with all this, we haven't begun to catch up with the unmeasurable explosion in productivity and value associated with technology.

Studies by Sir Henry Phelps-Brown of a "market basket" of goods from the 1200s to the 1970s showed that there never has been a "mountain range" of inflation---up and down---but rather a stair step associated with major social/economic reorganizations: 1) the commercial revolution of the 1400s; 2) capitalism and the industrial revolution of the 1700s/early 1800s; and 3) the technological/computer revolution of the 1980s-present.

[Mariner]

"One theory I have heard for the absence of inflation, that SHOULD accompany such massive borrowing and money-printing, is that even with all this, we haven't begun to catch up with the unmeasurable explosion in productivity and value associated with technology. "

The issue is Debt Saturation slows the circulation of new money.

The Velocity of Money is at historic lows not seen since the early 30's.