That is the conventional wisdom...but it is incorrect. "Printing" money is not, in and of itself, inflationary. It is inflationary if the number of dollars available exceeds demand. However, in today's case, demand is at an all time high as seen in this velocity chart:
Now, when velocity returns to normal rates (i.e. above 1.6) and the money supply is still as big as it is, then there will be inflation as you state. Bernanke knows this and will attempt to drain the excess liquidity. Timing is absolutely critical and it will be difficult. But if the fed had not supplied the dollars demanded, we would be in a much worse DEflationary position than we are in today.
“Timing is absolutely critical and it will be difficult.”
Or impossible.
Right now all that liquidity is being used by the banks for carry trading - which is lining the pockets on Wall Street but doing little for the average person. It is, however, weakening the dollar, otherwise known as “inflation”.
Check this interesting thread:
http://www.freerepublic.com/focus/f-news/2384742/posts