Conventional economic theory teaches that Inflation should rise sharply when a central bank creates a lot of money. But that hasn't happened. The Fed has created an enormous amount of money since 2008, but the inflation rate has remained low.

Many believe the inflation rate has remained low is because the Velocity of Money has fallen; and that, sooner or later, the Velocity Of Money will increase again, and, therefore, that Inflation will come roaring back, with devastating consequences for the economy & wealth.

The idea that changes in velocity cause prices to go up & down is no longer valid.

It is invalid because this concept was created
(and was true) at a time when Gold was Money
and when Money could not be created by a central bank.

Now that central banks can create as much money as they want, this entire concept must be completely disregarded.