Lyn Alden is a macroeconomist who writes about various topics. In her recent post, she compares the economic history of Japan with the United States.
She discussed the key differences between base money supply (generally government-based quantitive easing) and broad money supply (includes all money supply such as chequing accounts and investments). Her general thesis is that the broad money supply is expanding at a much faster rate due to quantitative easing through stimulus cheques and this will eventually lead to a US dollar devaluation in the coming years.
We recommend you read the entire piece.