>You're of course referring to the current bogus CPI, which was put into effect in the 1990s to hide the real rate of inflation.

Let's just assume this is true. CPI, as currently measured, has been in place since ~1996. One can thus safely assume CPI would reflect the alleged inflationary effects of QE on price levels, regardless of how accurately it measures the actual rate of inflation, since it represents a measurement of some consistent snapshot of the total rate of inflation throughout the entirety of QE.

But CPI shows no change in the rate of inflation due to QE, and even more curiously, tells us inflation is currently lower now than pre-QE. Regardless of your opinion of its measurement of "real" inflation, the fact remains: there has been no uptick in price levels due to QE (startup valuations aside, hah!), despite the intuition that it ought to have resulted in substantial inflation. Hence, cause for concern.

EDIT: And I say all of this as someone who was horrified of inflation back when the Fed first started QE. So far, I appear to have been worried about the wrong thing.