In an environment where governments and central banks are strongly biased in favor of printing money, I see the possibility of deflation as extremely small. I'

In an environment where governments and central banks are strongly biased in favor of printing money, I see the possibility of deflation as extremely small. I'm not saying you're necessarily wrong, but keep in mind that the amount of wealth in our economy is much greater than the amount of money; printing cash doesn't necessarily have as big an impact on inflation as one might think, because most value these days is in assets other than cash. You can see this in graphs of e.g. the M2 growth rate vs the inflation rate over time. If the existence of more cash directly caused inflation then those rates would be highly correlated, but instead they are only very loosely correlated and the M2 growth rate has far outstripped inflation in recent decades.