Consider the four pillars of conservative economics:
First theory: Expanding the monetary base and engaging in deficit spending will cause interest rates to skyrocket and inflation to increase.
Reality: The Fed has engaged in three rounds of quantitative easing and the current round isn’t going to end until after unemployment is back to normal, so they say. I think I’ve seen estimates that the monetary base has been expanded by more than a trillion dollars already and there’s more of that to come for at least four more years. Rather than increasing, interest rates have fallen and core inflation hasn’t budged.