Massive price inflation did not materialize. But it is also worth noting is that we didn't witness any substantial price deflation due to the quantitative easing policy pursued by the Fed and the European Central Bank. We were robbed of the benefit of the massive price deflation that would have happened if the policies of the central banks had been different. In other words, libertarians were right warning us about the institutions such as FED robbing us out of our savings, some of them just weren't precisely right about the exact numbers in dollar terms. This is to be expected in the future as it is impossible to predict future scientific discoveries and technological progress - the significant deflationary forces.