Velocity of money is controlling inflation.

Velocity of money is a measure of how fast money circulates through the economy. When the velocity slows it can offset the increased money supply and keep inflation lower than it would otherwise be. There has been a steady decline in the velocity of money since at least 1980. What has happened is that as more of the wealth has ended up in the hands of the the ultra wealthy it is effectively taken out of the economy and put into low risk long term bonds because they can only eat so much bread in a day. The rest they literally can’t spend so it is taken out of the economy. That means that as wealth inequality has become worse and worse the velocity of money has slowed. This is why they can print so much money and not trigger in flation.

As long as you have to ultra wealthy hoarding money the only way to keep the ever slowing velocity from deflating the economy is to print more money. It’s an ever increasing spiral. The more money you print the greater the wealth inequality becomes the slower the velocity of money gets till you have to print more money.

The only way to break this cycle is a wealth tax to make sure that the money remains fluid.