The existing (and ongoing) massive expansion of base money into the banking systems of the US, England, and Japan is without precedent. As Nomura's Richard Koo notes, at 16x statutory reserves, the liquidity 'should' have led to unprecedented inflation rates of 1,600% in the US, 970% in the UK, and 480% in Japan. However, it has not, yet. In short, Koo explains, businesses and households in these economies have stopped borrowing money even though interest rates have fallen to zero.
http://www.zerohedge.com/news/2013-04-20/japans-inflation-propaganda-and-why-boj-better-hope-its-not-successful

 

 

 

Wage, Wealth Gains, GDP Per Capita and Debt Per Capita

 

 

Note the parabolic rise occuring near when the US went Fiat.

Note how over the same period all the income growth went to the top 10% as the income for the bottom 90% declined. Debt is good for the pigmen who captured all the income gains as public and private debt did a moonshot.