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In 2009 the "conventional wisdom" by the powers that be expected that with the turning on of the presses to increase monetary supply that inflation would kick back in and it would become business as usual again.

Yet the unexpected happened and that is for all the kings men and horses fixes inflation never reasserted itself because demand has remained moribund. It has taken all the juicing of the system by the Central Banks and Treasuries just to keep Demand on an even keel. The fatted calf American consumer is tapped out, broke. They have lower relative incomes from more unstable employment, have no reserves nor savings and are in debt up to their eyeballs. They have virtually hit the wall as consumers. In a sense all the juice is being thrown into the black hole of deflation just to keep Demand steady and the lights on. So the only thing anyone has to show for all the juicing is the hangover of all the debt created.