Nope. We have a credit-based economy. So does Japan. Japan has printed vastly more money than has the U.S., yet Japan has been stuck with deflation since 1989.
Japan has lost 21 straight years to deflation. Why? Credit destruction.
I don't consider myself a Bernanke fan, but my understanding is that he is an expert on the Great Depression and that his conclusion has been that deflation is the worst possible problem -- and that FDR failed to sufficiently inflate the money supply to combat deflation. As far as I can see, Bernanke is pushing hard in the direction of inflation and hoping that he can thereby achieve stability (deflation and inflation canceling each other).
I don't know if it's possible, but it seems like this is what he's trying -- so we have signs of deflation and inflation simultaneously.