If the dollars are removed from the economy by taxation then inflation will not result.
I think that if the dollars are removed for the demand of any kind of bubble, then inflation will not result.
I believe that is a secret the RINOs discovered long ago. They can print money into a housing bubble, or a dot-com bubble or whatever - and no inflation. They pop the bubble and “Poof!” all that “wealth” has magically disappeared.
If the government causes inflation, everyone with cash is robbed. If a bubble prevents inflation, then only those with wealth in the bubble are robbed and there is no inflation.
What is a bubble?
When a bunch of people buy an asset, any asset, with the sole intention of selling it to someone else at a higher price, that is a bubble.