Such a sudden increase does not cause concern about things to come? Care to share your supplier of rose colored glasses so we can enjoy the hyperinflation together?
The increase is essentially just cancelling out the losses from bad mortgages and other loans. It's preventing massive deflation, not creating hyperinflation.
Besides this process robbing the people who defaulted on their mortgages blind you have no idea what you're talking about. If you'd understand fractional reserve banking you'd know that it wasn't just as simple as replenishing the amount of dollars that got wiped out since now banks have their reserves tripled and just waiting for the new wave of loan demand which will explode M3 into the stratosphere.
Good luck holding onto your precious system then!