The principal issue is that the economy was slowing down (inflation getting down), so natural response was to cut interest rates. Problem was that the interest rates were cut maximum (to 0 level), so the only alternative way to stimulate growth was to print money (effectively similar to further cutting interest rates).

Those who claim inflation is comming think that this was a good way to stimulate economy, but once there is more money –> it is worth less –> increase of price.

Those who believe deflation is comming think that economy is so weak that no money can help it.

I personally agree with one postulate I read which says that the only reason inflation in the US is still not growing is only because all this money pumped up into economy is still laying in bank accounts. Whenever banks start lending again, people will realize how many dollars there are on the market and of their real (low) value creating inflation.

This is because regular, so called multiplier of money supply is about 8 in US, whereas now it is around 1 as hardly any money is circulating. Whenever economy starts running inflation will be overwhelming.

Michal