"the printed dollars are deposited in the accounts of large banks, enriching the very richest and making everyone else worse off."

I absolutely agree with you on this one though, but that also shows why the current printing of money isn't manifesting itself as hyper-inflation, it's sitting around in bank-deposits, or at the fed itself, doing nothing.

Using the loose definition of inflation as "too much money chasing too few goods", the extra money that is flying around isn't chasing any goods, so it's not a problem for now, which is not to say it won't be a problem later, say in a year or two.