Deflation is coming and there's nothing Bernanke can do about it: Prechter

While money is being printed [or credit generated via computer] out of the thin air like crazy, most of it does not see the light of the day. Since most of this money is currently being stored in bank vaults, it is highly improbable that inflation will become a factor. Another factor in this scheme could be the continued high foreclosure rate, which could continue to have a high impact on the economy along with a  high unemployment rate.

The eventual inflation in the perpetual boom/bust cycle will not be all that noticeable when this money first cycles through businesses, but will really be noticeable when currency reaches the consumer.

One event I see causing mass inflation is if China, Japan, and or Great Britain decides to cash in their treasury bonds, and as a result, a huge amount of money makes its way back to the United States. I doubt this will happen in the near future as the US has really good relations with Britain and Japan, and has a "tight economic relationship" [not exactly perfect though] with China.