I'm old enough to remember the last period of stagflation our country suffered through, and even though I wasn't yet part of the working adult world I vividly remember the nightly newscasts as being both confusing and scary.  I'm starting to get a case of deja vu, and I don't like it.  From ZeroHedge (found via Fec):

A recent Bloomberg article talked about "leakage from quantitative easing (QE).” That is, American as well as foreign firms are increasing tapping the U.S. market for Fed’s cheap money, but instead of generating domestic jobs, the money is actually invested away from the U.S. and into emerging markets, commodity-based economies, commodities, and non-U.S. opportunities. 

So far, it is abundantly clear that a majority of the past two years’ worth of QEs–The Fed bought $1.7 trillion of bonds in QE1 and is now buying a second batch of $600 billion–is not trickling down to the real economy to create jobs as intended.

The easy Fed money is instead fueling Big Banks' speculative buying binges of commodities, incentivizing QE leakage, thereby brewing another "perfect storm" for stagflation, that is, high inflation coupled with high unemployment.