This is exactly Japan's lost decade - lots of government debt and only deflation - mainly in the 90s. I think the difference is Japan is a a country with all i

This is exactly Japan's lost decade - lots of government debt and only deflation - mainly in the 90s. I think the difference is Japan is a a country with all its needs met. People already had enough money to spend on basic needs (unlike post WW1 Germany or Zimbabwe recently) so additional money didn't change that but there was a housing bubble.