There's absolutely no doubt that the government has expanded the money supply. Inflation has happened, but the full effect of the disease has not been made manifest yet. I have, however noticed that government's tricks could actually lead to deflation. No this isn't equivalent to the global warming liars trying change the name of the game to climate change so that they can continue to scare us regardless of which way the wind blows; rather it has to do with how much of our money supply is electrons rather than paper.
In the old days, your inflationary central bank had to crank up the printers and spit out the paper bills. Things got pretty bad, but the rate of how bad it got was limited by needing to print the actual paper. Sure, I suppose in some cases they would merely create accounts, but now, with computers, this game is on steroids.
So, something could happen that would basically wipe out the electrons, leaving us with the paper, and this would be deflationary. Dubai suddenly stops looking like a money maker and becomes a giant black hole. Other 'sovereign' funds begin to domino.
Or people get tired enough of the current world regime to kick at the charade in other ways. It doesn't take much to push the outstanding loans in the asset category over to the liability category. However they lose the money, once it's lost, it's out of the money supply.