Are you sure about that?
I believe that the M3 money supply (that good ole' George Bush stopped measuring just before the bubble) has now collapsed.
So the overall money supply may actually have gone down even with all of the recent excesses in spending.
That is why we may still have more to worry about from deflation than inflation.
Tell me more, seriously. I've been thinking it was the unexpected decrease in velocity that was bumping us toward deflation in the near term, and that we are in imminent danger of rapid inflation when velocity returns to "normal" - - - but you're suggesting the trouble is really the money supply, not the velocity?