[Southack]

"Since when does printing more money NOT mean inflation? That is the definition that most of the intelligensia use, so why not you, too?"

Printing new money is only part of the equation. The other part is Credit.

Cash + Credit = Money Supply.

If credit availability is destroyed (e.g. no more sub-prime home loans) faster than new money is printed, then you get Deflation because the Money Supply shrank.

[Designer]

"If credit availability is destroyed (e.g. no more sub-prime home loans) faster than new money is printed, then you get Deflation because the Money Supply shrank."

That is all correct, but don't look for any deflation in this lifetime.