Some will say that the mere fact that the government is creating money is enough by itself to cause a surge in inflation - and if money creation is too much it will "definitely" lead to hyperinflation. Yet, evidently, trillions of dollars, euros, etc, are created and we know that this is not the case.
The reason why this is not the case, is that there are various counter-measures employed which influence the effect of inflation.
A multi-tiered strategy by the establishment
1. Inflating the big guy, deflating the small guy
The system operates in a way where it has a "split" strategy regarding "the rich" and "the average person". Most analyses you will hear pretend that there is either "inflation" or "deflation" (...or "stagflation") yet there is no uniform effect over the total economy.
The average person is experiencing a reality of "deflation" in the sense that he is burdened by loans and taxes that he must repay, while his income is steady or under threat (unemployment). He may even be forced to sell property or jewelry in order to find cash, which appears to become scarcer. This is like a mini-liquidity crunch for the middle class and below.
At the same time, the ultra-rich get indirect access to the Quantitative Easing (QE) and QE-equivalent funds. This money is used to purchase assets like bonds (allowing the states to refinance their debt) and stocks - which then rally on artificial fundamentals (corporate earnings are dropping and stock indexes are rising).
With this two-tiered system, the money is distributed in a way that prevents spikes in the consumer index, keeping inflation low, while also maintaining artificial levels of growth due to the bubble markets.
Is Helicopter money an option?
Many say that a solution to this problem would be the governments stimulating the economy by giving the money directly to the average guy, who would then spend this money on the economy and make it grow.
This approach would work for the establishment if it didn't have two issues:
-1- Some people would use the extra money to dump it and buy alternative currencies like gold, silver, bitcoins etc. Even if just 5% opted for something like that (while the rest 95% spent their money on Walmarts), it could be the trigger to unravel the highly suppresed alternative currency markets. They wouldn't allow that.
-2- There's a lot of work that has been done to increase people's enslavement through the debt mechanism. Helicopter money acts in the opposite direction and this is not very desirable.
The establishment could use a limited "helicopter money" in limited quantities or specific demographics to avoid issues with (1) and (2) - but mostly to prove that this system is "ineffective".
2. Simultaneous debasement
Most western nations debase their currencies in a synchronized manner. In this way they are managing the relative perception of national populations compared to other countries. Even countries who didn't really need to do so, did it to avoid the crack on the wall which would allow people to see through: That all currencies are being debased in sync creating a virtual reality of stability.
Switzerland, for example, had promised to print as many Swiss Francs (CHF) as necessary in order to absorb all the euro inflows without them appreciating the CHF. At some point they abandoned that strategy, but by then they had already accumulated billions and billions of foreign currency that was dumped to them.
3. Precious Metals manipulation
As we've seen, managing perception around the value of money is key. Thus, next in line is the manipulation of precious metal prices. This is necessary to create the sensation of monetary stability. Financial institutions who have been active in this suppression have been caught red-handed in the past, but people shouldn't expect too much when these cases hit the courts. At most a few fines (like the interest-rate fix scandal) and it's all business as usual.
4. Crypto currency manipulation (emerging activity)
This is an "emerging" activity as crypto currencies increase their impact in the world and the perception of monetary stability needs to be maintained against all possible threats.
We can expect issues like "hacks", scams, bad actors at the various communities to seed division, negative media items, legal framework tightening around the use of cryptocurrency, etc.
5. Tampering statistics
This is probably one of the establishment's favorite activity: Manipulating the perception of inflation by under-reporting it. This is done through a constant shifting of what are perceived to be the needs of the consumer, always rearranged in a way that inflation is under-reported.
Under-reporting inflation has a "nice" side-effect too. A nation's economic growth is measured by the rise of GDP minus inflation on an annual basis. If a nation under-reports the inflation, they can then overestimate the numbers for "growth". GDP is always an estimate, and the rise of GDP is also an estimate. So it is easy to produce convenient "estimates". False growth and false GDP numbers are then used to make debts and deficits appear smaller (relative to the GDP).
Conclusion
The establishment uses a multi-tiered approach to counter the effect of inflation that would be caused by extreme money issuance. They channel the money carefully in order to prevent the consumer index from rising too fast, they make the average citizen suffer with deflation-like effects, they debase global currencies in sync, they suppress precious metal markets to increase perception around monetary stability and they are also vigilant to suppress emerging threats like cryptocurrencies.
Related Resources:
3 years ago I wrote a small e-book on the subject of Dollar Hyperinflation, directed mainly at the American audience, and motivated by the fact that most Americans get false information from both mainstream ("the economy is fine") AND alternative sources ("there is a looming hyperinflation and dollar collapse") on the subject. I've uploaded it on Steemit. I'm pretty certain that readers can expand their perspective on the issue.