See below a well-made video by Glenn Beck about the monetary base hockey stick (HT Division of Labour). This unprecedented money supply surge is for now mostly mirroring the huge fall in the velocity of money, meaning that its inflationary consequences are not yet taking place. However, all this money will have to be taken back at the exactly right moment as velocity recovers, or we'll find ourselves in really big economic trouble.
Central banks' track history is not encouraging when it comes to correctly timing monetary contractions. I really hope that this time we'll be luckier than before, but as Benjamin Franklin once said, "he that lives upon hope will die fasting."