Macroeconomics - Pros/Cons of Fed's Current Monetary Policy?

Adding money to the economy faster that the growth of GDP produces inflation. The FED has been increasing the monetary base at a record pace. see a href="http://research.stlouisfed.org/fred2/graph/?chart_type=line&s[1][id]=BASE&s[1][range]=5yrs." rel="nofollow"http://research.stlouisfed.org/fred2/gra…/a So far it has not produced inflation, but only prevented deflation which is even worse for the economy than inflation. The Fed intends to reduce the base money when the economy improves and the banks start lending again which multiplies the base creating the money that people spend. How ever if they get the timing wrong we are likely to see inflation high enough to harm the economy in a few years.