People thought that Quantitative Easing was a drastic increase in money supply that would be inflationary. It was not. What they do NOT look at is that because government debt in the form of bills, notes, and bonds, all can be used as collateral in a loan, the entire national debt has now become simply cash that pays interest. In the 1960s, you could not borrow against an E-Bond. That meant it was less inflationary to borrow than to print. Today, that is no longer true and you can keep your cash in T-Bills at any brokerage house. Essentially, the entire national debt has already been monetized yet it has become currency that merely pays interest.