This graph of the US monetary supply is un-freaking-believeable. Someone please tell me that this is a data error or something. I guess this is one way to bail out borrowers -- if you create enough inflation, then the real value of principle owed drops. Sure looks like it is time to borrow long at fixed rates. Are real interest rates about to go negative?
By the way, this really gives the lie to the whole government stimulus effort. They may be moving large amounts of money around, but they can't create value, and in the absence of real value creation all they are doing is inflating the currency.