This is why printing M0 is bad. It is not that inflation will happen (because it already has). Printing M0 to "fix" things is bad because it rewards the wrong behavior while punishing the right behavior.
yes moral hazard was thrown out the window.. you can see the haves and have nots in the industries that can tap into government spending of these printed dollars while the regular private sectors circle the drain on the stalled economy
and on top of that the ones that can grab the ZIRP free money loans pushed that hot money into anything with high risk high reward since servicing the debt is meaningless (long timeline for the gamble)
with high interest rates, one has to get quicker returns on their gambles