Correct, but printing money out of thin air is not quite socialist, it is Mercantilist (Something the Friedman, Adam Smith would be horrified about, no doubt). The implications are both with reference to inflation driving commodity/product prices higher and also, increasing exports by devaluing our currency (like China and Japan have done in the last 50 years.) It is a completely political move because exports can increase in the short term and increase the cash reserves (reduce deficit/debt) but it is unsustainable and dangerous in the long run (by creating bubbles, currency wars etc.). Far from being stupid, it is a planned move to increase political capital even if it decreases the country’s economic capital in the process, not that Obama and his cronies care of course.
I argue that it is stupid because these people only know politics and power and know little of true economic principles. Politically they’re stealth and subtle but economically, they’re stupid.