Well it seems the printing press is about to roll. What scares me about all this is not the policy itself, Its the people who are doing it. Will they know when to stop?
I tend to go along with Freidmens velocity of money argument or Monetarism if you like. The best way of thinking about this is not printing money but distributing uncharged rechargeable batteries, as soon as we decide to charge them up then the Boe have to get the excess uncharged batteries out of the economy pretty smart or hyperinflation will start.
Its one of those things that looks great in a text book, but in real life the risks are massive.
Either way future generations are paying the bill for our lack of morality.