Hi Puz, I see your point about currency quantitative change being the very definition of inflation or deflation, and I am guessing you are not directly disagreeing with me, but velocity was another factor Keynes thought was important. I understand we are comparing apples with bananas on the Keynes/Austrian front, but with Cyprus the markets seem to think we are in the midst of a process which could lead to a sea change in the balance between inflation and deflation (and therefore they believe the amount of currency being created might change downwards). Further, currency now in circulation does not reflect the amount of currency printed, and velocity may decline if savings are depleted, people hang on to what they have left, and consumption declines, and so if much of the currency is being sequestered by central banks as well it might not take much to shift to deflation mode during an economic collapse. Not really theory, just rationality you might say ... and I am not sure I want to get into economic theory with you! And I understand what you say about the numbers on these things being manipulated ad nauseum. Best... Ike