A few weeks ago I wrote a blog saying that econ theory was wrong about money supply being the reason for our current inflation. The real cause is the dramatic increase in the price of oil/gas the foundation of our economy. Just as was true in 1973.
I've thought about a proof of my position. Japan in 1995 began a period of deflation that has continued until the present. Deflation. During that entire time the Central Bank of Japan has been printing money. Japan for the entire time, 27 years, has had the highest debt to GDP ratio of any industrial nation. Currently the dept is 200% of GDP. That is proof.