(3 August 2012) Has printing money been inflationary? Although much of the centre-right (and even some of the centre-left) still holds the Friedmanite view that „inflation is always and everywhere“ about printing money, the empirical evidence suggests that this view is simply wrong. The Swiss central bank successfully capped the exchange rate by printing money with negligible inflationary consequences. Neither massive QE by the Bank of England nor the ECB‘s LTRO has produced any jump in inflation. Indeed, eurozone (and UK) price levels at the moment are falling.