This sounds extraordinary, but unless one thinks that technology will shrink as a share of GDP, it is the course we are presently on. The level of monetary expansion needed to generate the necessary inflation is thus extremely high.
The Magic Money Tree does exist, and it’s paid £445 billion to guess who…
Nick Wasmuth

If prices are falling, you need less money (not more) to record transactions.

The reason QE has not been inflationary in the usual sense is that the new money has simply remained on deposit with the Central Banks, or it has been used to bid up asset prices.

Very little has percolated down.