It hasn't been printed M1 is the money supply but it's not just bills, it's also bonds and stuff like that. Is this cause for concern? Yes. Is it going to cause hyperinflation? Maybe. The thing to understand about the US economy is that it's all fake and most of it doesn't effect the consumer. The vast majority of the money created in the last 10 years has gone to quantitative easing. Basically it was paid to massive financial institutions who are going to sit on it. There is no direct effect on the price of bread, so it's possible the injections of cash, by the time they bleed into the consumer economy the effects will be highly muted. Think of it this way. If I mine 1,000,000 BTC and sell 1,000. Now I've become obscenely rich, but the value of BTC isn't really effected any more than if I mined 1,000 and sold them all. However I can leverage the fact that I have nearly 1m BTC to do other things like use it as collateral on a loan. This is much like what's going on with QE.