Private sector money creation is occurring at the rate of $30 trillion per year, according to a Bain report. Total world capital is approaching $1 quadrillion, exceeding world GDP by at least an order of magnitude. Where's the devaluation? The dollar is getting stronger.
Your quantity theory of money has very serious empirical problems. Sometimes you quantity theorists like to cite "velocity of money" as the reason we haven't seen the predicted rise in inflation. However, you are not measuring velocity of money; you are calculating it after the fact to make your predictions come out right, in hindsight. Velocity of money is a fudge variable.
Private sector money turns over a lot. Banks are constantly lending and borrowing in the Fed Funds and Repo markets, putting off final settlement for another day. Money created by the private sector does not simply sit in bank accounts; it is turning over, daily. So you can't use Velocity of money as an excuse why your Quantity Theory of Money fails to predict.