[MRM]

There won’t be an inflationary effect. Experience has shown that an increase in money supply doesn’t result in inflation. The Fed has been doing its best to trigger inflation by printing (and inventing) money for years, with no effect. Inflation is caused by a lack of confidence in the economic and political system and the market’s collective belief that prices will be higher tomorrow so spending today is a form of savings. For the foreseeable future there is confidence in our economy and an expecting that prices will be stable or lower. The bigger risk is deflation, triggered by technological improvements and the declining need for labor.