Why Didn't Quantitative Easing Lead To Hyperinflation?

For more than six years, the U.S. Federal Reserve has been administering round after round of Quantitative Easing (QE), and only recently decided to scale back its operations. If the Fed had not stepped in in 2008, chances are the U.S. economy would have entered a deep depression, much worse than what was experienced. When QE was first put on the table following the financial collapse that gave way to the Great Recession, many people feared that it would ultimately lead to runaway inflation like the kind seen in Zimbabwe (and its 1 trillion dollar bill), Argentina, Hungary or the German Weimar Republic. (For more, see: 5 Tales of Out-of-Control Inflation.)
Prices did rise modestly during that period, but by historical measures inflation was subdued, and a far cry from being a hyperinflation. Why aren't we all pushing around wheelbarrows full of banknotes to the supermarket? (For more, see: What's the difference between Hyperinflation and Inflation?)

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