re: Inflation
I'm a bit rusty on this stuff too. They money supply is calculated in aggregates M1, M2 and M3. M2 seems to be the one that is most used nowadays. It's unlikely the Fed's pumping $1.2T into the economy will devalue the currency as severly a you suggest. Certainly it will cause some devaluation, but keep in mind there are benefits to that as well - for some.