...snip...
I accept the price level definition of inflation. Anyway, the printing and debt creation represents an inflation pressure. There must be something else going on, either specific areas of the economy taking up the inflation (stocks, houses) leaving the consumer prices to rest, or a strong deflationary pressure. This can be increased user base for the top five currencies, or repayment of loans in the consumer segment. Or technology that leads partly to lower prices or more value for the same price.
I accept the price level definition of inflation. Anyway, the printing and debt creation represents an inflation pressure. There must be something else going on, either specific areas of the economy taking up the inflation (stocks, houses) leaving the consumer prices to rest, or a strong deflationary pressure. This can be increased user base for the top five currencies, or repayment of loans in the consumer segment. Or technology that leads partly to lower prices or more value for the same price.
On a serious note, Krugman is not liked on this forum but his study of deflation in Japan and his warnings that now the rest of the world has the same issue have been spot on. People, including me, may disagree with his recommended solutions but he absolutely got the description of the problem right. As you say, its "a strong deflationary pressure" and its not going away.
On a less serious note, here is what QE has done:
