Effect of liquidity on inflation in the current global world

All the bears have been crying out 'inflation, inflation' when the Feds started decreasing the interest rates in 2002. It is certainly strange that none of those doomsday predictions came true. The decreased interest rates did raise real estate activity and real estate prices but it also increased the liquidity in the market. I will present data later. But this increased liquidity did not spur inflation in the way a lot of economists feared. I would like to discuss this phenomena to get a better understanding of the macroecon picture in a global economy. In a global economy, the rules of the game are not the same as those in a regional economy or in an economy constrained within the national borders of a country.