I think you are discounting the Zimbabwe and Weimar Republic experiences a bit too quickly. The equation I print money = I create inflation does hold. Right now we see a very concentrated inflation in real estate and stocks which are not counted in the CPI indices, because the money printing is done through bank balance sheets and asset managers (by buying treasury and ABS securities) but as soon as the gvt starts paying its employees and suppliers with printed money, even the CPI indices will go wild. In any case it&#x27;s not because the CPI index doesn&#x27;t say there is inflation that there isn&#x27;t. My rent is going up every year at a much higher rate than the CPI index. Not treating property as a cost of living is just absurd.