Phase two should be begin soon.
These days, money(liquidity) can be created instantly and it has no limit. It is potentially the only infinite(non-scarce) resources in the domestic economy.
On the other hand, it will debase the dollar and all imports would become prohibitively expensive in the long run. The only way out is to debase other currencies as well, which may not work. Other countries may not feel obliged to follow U.S., and have leverages to resist U.S. push. They may believe that they could weather the fallout of U.S. economy going down, survive, and become the top dog of the world.