Yes, please take a college course so that you can forever be a lost academic arguing about theories and not reality. Look, I could give a shit that the velocity of money is declining, if the PD's are going in and driving up the prices of all commodities to try and "engineer" some inflation against this deflationary backdrop. What we have learned over the recent past is that the Fed will aid and abet the appearance of growth or inflationary pressures in a desperate attempt to change the mindset of the consumer into spending. The greater the threat of deflation, the greater the liquidity pump into PD's who will stop at nothing to create a series of commodity bubbles that create inflationary pressures in a deflationary world.