And yet, we are not seeing major inflation. The theory you cite is that if you print more money it devalues it, all other things equal. But all other things aren't equal. We appear to be experiencing a deflationary pressure in the form of increased productivity and efficiency, which has been the primary way in which firms are dealing with this past recession and increasing their profitability (and in turn, as stock prices are the present value of all future cash flows (profits), increasing firm stock prices). So a combination of inflationary pressure from monetary policy combined with a deflationary pressure of increased productivity and efficiency has led to a very manageable inflation rate.