The bulk of that money is disappearing into the black hole otherwise known as the banks' balance sheets. Which is probably north of $300T so it's only the comparatively smaller chunks that show up in the mainstream economy, causing mild inflation in the US. Some of the inflation that would otherwise show up is being exported courtesy of the Fed, especially to Asia. Frothy real estate markets like Singapore, Shanghai, HK, Sydney are starting to show some cracks at the high end with failed auctions. But high-end art and collectibles are still selling well. Despite what the fed mouthpieces are saying I don't see any way they can end QE(ternity) without a complete collapse, although they may sneak it in via another bs program. I think all we need now is a black swan to really kick things into gear. Ebola?