Changed relationship between QE and inflation

Comments on Masanaga Kumakura "Japan is sinking in a sea of money", 28/01/2016

The recent QEs in the US, European Central Bank and Japan appear to have cast doubt on the conventional economic theory, i.e. the monetisation of government debt is a recipe for fiscal profligacy and hyperinflation. Whether it is because the special circumstances or other reasons, the QE in the US played a useful role in averting more nasty economic depression. Economists should revisit that conventional economic theory, perhaps.