So, observationally? I totally agree. this is what has happened - but for the last few years, both sides have been shouting scare-stories about either hyper-i

So, observationally? I totally agree. this is what has happened - but for the last few years, both sides have been shouting scare-stories about either hyper-inflation or serious deflation, (and personally, I'd argue that the right, screaming about hyper-inflation has been more wrong than the left, talking in a much lower voice, and in a more academic way about deflation, but both sides have been saying that scary things will happen if we don't act... it's just that the left's worry is that we'd turn out "like Japan" - which seems fundamentally realistic, while the right talked about Zimbabwe, which doesn't.) But, the point is that what "seems likely" for the last few years, if you were to listen to the pundits, was movement in one direction or the other, not idling along in neutral like we've actually been doing. It's only been very recently, I think, that the right has given up on the idea that we're going to get massive inflation our of our borrowing and money-printing.