Only because money velocity fell off a cliff, money velocity is one of the multipliers that goes into the apparent quantity of money as the same dollar is used

Only because money velocity fell off a cliff, money velocity is one of the multipliers that goes into the apparent quantity of money as the same dollar is used more often. Given the asset bubbles due the printing people are incentivized to invest into it so long as the bubble continues to grow (or at least not shrink) people are incentivized to keep holding. So you can keep printing money without seeing inflation so long as asset bubbles can soak it up and money velocity drops. Now when the reverse happens, which will happen eventually even if it takes a very long time, that is when you get inflation. So paradoxically increasing the base money supply enough to generate asset bubbles has a deflationary effect.