I caught the tail end of a Q&A on NPR yesterday. I missed hearing who was fielding the questions, but one caller asked if the $700B would further devalue the dollar and increase inflationary pressure; the guy answered "no" but then proceeded to explain how the FED creates money out of thin air and injects it into the system.
We're screwed.
Here's the link to the segment, sorta - it's audio-only, and I can't even get it to play
http://www.npr.org/templates/story/story.php?storyId=94900655