As you read in this article, the president of the Federal Reserve Bank of Philadelphia acknowledges that the prodigious money creation by the Fed in the last few years is going to boil over into high inflation.

Money creation can’t make a society more prosperous and eventually must lead to the erosion of the value of the monetary unit. The Keynesians go to great lengths to persuade themselves otherwise, but it’s true. Creating money does not stimulate the production of goods and services; it just cheapens each dollar.