Financial Times of London just did an analysis of QE. We doubled our money supply but consumer prices barely moved above 2 percent, historically it should be 5 percent using the new BLS formulas that exclude food and fuel. The FT conclude that the US all those 5 years may have been suffering from severe deflation. If the Fed Reserve did not print money and QE, we would had negative price growth. It also shows that something happen to the US economic structure that is causing deflation when in the past inflation would have ignited from all the money printing. Problem the Fed faces is all the QE has not moved the economy and severely impaired the value and prestige of the dollar. As the US prints more dollars, it ignites inflation in many overseas nations because the US dollar is the world reserve currency and all food/raw materials/commodities prices are expressed in US dollars. The Fed is trying on one hand reignite the US economy and counter the rest of the world (especially BRICS) from trying to set up an alternate system to the US dollar as basis for trade. These nations cannot afford to wait for the US Fed to reignite the US economy while their societies destabilize from rising food prices.
I don’t think the US is alone in printing. The EU, Britain, and Japan are doing it too—which has helped us get away with it.