UT, the central banks are printing big mobs of money. Are you seeing any of it? Prolly not. The banks are hoarding it to prop up their balance sheets, not lending it to productive business, thus there is no Velocity. Economists use a figure something like M3 X V to indicate activity.
With the large sums "out there" the moment V picks up you will have inflation. At the moment, in spite of QE1 and QE2 and Operation Twist there is great concern about deflation.
This may be a bit dry to the hyper-active investor but I find it fascinating.
