This article from Mises warns against the current call for printing money to support demand in the economy. Once again, very smart economists are falling under the illusion that we can defy economic reality. There's a recurring hubris throughout history which always results in a fall, and you would think we'd learn after awhile. I'm not an economist, so I can only guess why previous money inflation hasn't translated into much higher prices. I believe that uncertainty in the business community and fear of unemployment among consumers have dampened investment and spending. I also blieve that smart business-people have learned to not follow all government carrots, so even as government tries to induce investment and spending, businesses and consumers don't trust the government interventions to maintain a long-term recovery. Plus, there is concern about the costs of Obamacare and Dodd-Frank realted to coming regulations, and the regulations which stream for the EPA.
However, if the government persists, and if the illusion of government-backed prosperity is finally embraced because wishful thinking overpowers reason, and if this creates investment and spending at a rapid rate, and if the public and businesses see this as something long-term that they have to have and will fight to maintain, then inflation will destroy value and we'll spiral into collapse, much like happened to Germany before WWII. Those who get the money in the beginning and know how to make money, then shift to avoid the destruction of inflation, will come out great, but the rest of us will be screwed.
My hope is that we hold the course and sane people can win the argument for free market solutions, but this might be wishful thinking, too. The Fed will destroy America if it's not stopped.