Yeah but the result of it is totally different. You speak as though all of the money created has the potential to create massive inflation at any moment.
There's always a lag time, but whenever the currency supply is increased, there's no getting around the fact that it decreases the value of each unit of currency by simple operation of math. It doesn't matter if it was printed and then not placed into circulation. It was placed somewhere where it filled a hole that would have otherwise been filled by preexisting currency. Thus it had an inflationary effect perfectly in mathematical accord with the extent to which it increased the currency supply.
