Please STFU....
M0 has doubled (FED MONEY).
M3 is still below '07 levels (BANK MONEY).
The FED creates money by printing.
Banks create money through loan writing.
M0 is a measure of the banks "capital requirement" + excess reserves + deposits (M1).
Higher M0 = more loans banks can make
This is how the FED controls money supply - adding or revoking liquidity by treasury purchases/sales, loans, discount window ect, which ultimately manifest itself as "capital" on the banks balance sheet. And thus, higher M0 = more capital from which banks to make loans (or forced recall, and hoard).
When normalized lending resumes in its traditionally reckless fashion, M3 will go through the roof. Hence the totally legitimate and appropriate concerns of strong/hyper inflation.
Bernacke works for the Banks. Banks need asset prices reflated to 1) lubricate markets for their toxic crap 2) dump their now-toxic crap. FED says "trust us" when they still haven't cleared us from their most recent fuck-job (because, ironically, rates were kept too low, for too long).
If someone wants to argue a redux of Japan, I'd like to hear it. Specifically, consumer debt (us versus them) and more importantly, access and price of consumer credit (us versus them). Japan is what America will look like after the next Big One, IMO. Except worse.