Low interests rates don't directly cause inflation. For one thing it may not even expand the monetary base, if there are few expansive areas of the economy in n

Low interests rates don't directly cause inflation. For one thing it may not even expand the monetary base, if there are few expansive areas of the economy in need of capital or if there are other even cheaper sources of capital (like trade deficit money returning from overseas). For another thing, if the monetary base is expanding, it could be that all the new cash gets sucked into fixed asset wealth like land and stock value, but the number of transactions fall so that these price increases don't leak out into broader consumer prices or wages. Finally it could be that technological change is causing deflation on the same order of magnitude as the banker's monetary inflation.