Sounds like a rhetorical question I've received from someone in Sweden.
But then again, the answer is not so obvious. I would presume and say it depends on what wealth has been created from the monetary expansion. Certainly it has created many jobs, and bankrolled many businesses. That has fed many people, gone to the taxman as well, and grown by ending up as savings, interest paid to banks, and expanding-circle kind of thing where more people are busy, and more wealth is being consumed and created. The monetary expansion has been the cashflow that has lubricated and system, and more than that, it has given people the confidence to borrow, to buy cars, houses, luxury items, eat at restauants, send clothes to drycleaners, get shoes waxed by the shoeshine, buy flowers, books, go to the cinema, start some classes to learn languages or book-keeping, dancing or bee-keeping, and so on.
Of course when the monetary expansion stops, the effects would be quite obvious. Just a 1/12th reduction which is the sequestration has given an indication. When the sequestration kicked in, students for whom there was no provision were being sent home - sorry, no free lunch. That is one heart-breaking ramification, and I feel great sympathy for the boys and girls being sent home like that. In a developed economy, in a nation where freedom is worshipped, where leaders are learned and agreeable and can make a few ledger entries till the situation improves, that is what should be done.
It may pain some people to consider what the few generations will go through, but it is obviously immedaitely painful for the people who have to suffer now.
The correct action is to keep feeding the system, on monetary expansion (which is the nation giving credit to itself) and create wealth by keeping production and consumption going and the people busy. When people are busy and productive, they are happy, and in that state of balance they have a value for money, use it wisely, keep a good diet and health, invest in necessary cars and houses, clothes and tools and new technology, and try to live productive, happy lives.
I have read that some banks in Denmark may be in trouble, and the ECB is tight about what it can do.
But I believe that for the immediate future, things can be maintained with continuation of the stimulus measures, perhaps signed in with bi-partisan co-operation in the U.S. with President Obama's signature with many writing instruments, and all shall be well. 250 Billion for the next 6 months may be prudent and necessary, and simultaneous creation of say 300,000 jobs or so per month...That strategy may create enough wealth in the system to enable a wind-down of the stimulus along the line.
Once again, an announcement of positive action from the U.S. President's office will say the day.