It's nice to see that someone actually understands the mechanism for creating money. An even better measure of "money" is MZM, which hasn't grown at an unusual rate for the reason Mr. Boyer explains: the money multiplier crashed in the financial turmoil of 2008. So far, the huge increases in base money have merely offset the collapse of the multiplier. Translation: Bernanke and the Fed did EXACTLY WHAT THEY WERE SUPPOSED TO DO. The question that remains is whether they will withdraw the base when the economy and the multiplier recover. If they do, there won't be any inflation. They've said they will do that, but will Congress let them? That remains to be seen.