Incomes aren’t rising while housing is falling so I don’t see this as much as a problem.

I think whats happening is money is being destroyed faster than it is being created. Deflation is still the dominant economic force.

Its one thing if the old dollars were being used to buy houses and oil along with the new dollars. That would be inflationary. But the reality is more like the old dollars were burned up in a furnace. The trillions of new dollars are simply taking the place of the missing money.