The Weimar Republic had a period between 1920-1921, where they pumped in increasing amount of liquidity in the market, but still the net result was deflation, because of risk aversion the banks didn't want to stimulate the economy by lending the liquidity to mere mortals. I think we are in the equivalent of 1921 right now... We live in interesting times, and surely 2014-16 will be hyper interesting...