Tim, you stated the following:

 "I have believed for some time that all the money being dumped into the economy just has to lead to inflation at some point...I just don't know exactly when it's going to take off or if it will pull ag products along."

  Who is doing the money dumping??, yes the public sector( who is leveraging up), but what about the deleveraging private sector??, and the tug of war between the two(which in my view, the private sector will prevail, in the end). As I have stated numerous times the public sector debt expansion is far from infinite, as the recent public sector austerity measures in Europe can attest , and at some point, it will no doubt be the same here in the USA, with major societal changes as a result, coupled with the ongoing deleveraging by the private sector, which has a longer time to run, and why I view a "double dip" as highly likely.

  The following is from the economist Steve Keen.

  "On the indicator of choice by the group that anticipated the GFC(global financial crisis), it therefore appears that the GFC is far from over. This raises one final empirical issue before I consider the theoretical foundations of the Bezemer-Fullbrook Group: if private sector deleveraging this time round is falling from a greater level and at a greater rate than in the 1930s, then why has the economy stabilized (to some extent) now, versus the almost relentless decline of the Great Depression? The answer appears to lie in the scale of the government response to this crisis. Figure 13 (on page 14) includes the impact of government debt on aggregate demand. While this added substantially to demand during the depths of the Great Depression (more than 7% of aggregate demand between 1931 and 1933 was financed by government debt), in 1930–2 years after the peak rate of growth of private debt in 1928—government debt added a mere 1.2% to aggregate demand. This time, given the fear of another Great Depression that policymakers had in 2008, the government response has been far larger and more immediate. In 2010, government debt was responsible for over 12% of aggregate demand, and this almost counteracted the -15% contribution from private sector deleveraging. While this success is heartening, the figures indicate that growth cannot be expected to continue if the government deficit is reduced. Private sector deleveraging is still accelerating and has some time to go before it could be expected to slow. In the absence of net government spending, it is highly likely that the downward spiral in output and employment would continue."