Yep!
It is also a massive transfer of wealth to the Government, Government favorites and people who own real assets (The rich).
It is the most destructive thing possible (economically) to the middle class.
So what do we transfer our cash savings into, in order to preserve our assets? Can we make a list? Gold and guns are obvious, especially guns to guard what you acquire. What other goods will people always want, that can be resold at a price keeping pace with inflation? Tools, clothing-making supplies, knives, furniture, bicycles and what else?