Maybe, but if you sit around waiting for the inflationary impact of a lot of that 'stimulus' you'll never see it. It has already had its impact... Preserving a previous inflationary event, the overpricing of housing.
A hell of a lot of money was used for this purpose, to prevent price discovery in housing. It was extinguished in cancelling deflation. It may still no be enough, we may still see downward pricing in housing if the central bank or the GSEs pull their support for the MBS market.
Will
Smoke and mirrors. All that was accomplished by application of Keynesian pseudo-scientific monetary economics was an adjustment in who takes the hits and when, kicking the can down the road, but the can keeps getting bigger the further down the road it gets kicked. At some point the piper must be paid. Better sooner than later.
