Gregor.us put out this good piece that somewhat addresses the difference between inflation due to monetary policy, and inflation due to tightening supply (of oil).  It seems like everyone I disagree with on other economic issues does not agree with the significance of the difference between the two causes of price inflation.

Going one step further, I think most opponents of inflation are failing to take into account the large cash reserves held by corporations at the moment.  I think those large reserves change the expected outcome of increasing inflation.  Normally, one could argue whether inflation is regressive or progressive, given that the poor and middle class were typically more cash dependent than the wealthy, who held their savings in non-cash assets that would appreciate with inflation.

But now we have a different scenario:  Much of the middle class has their retirement accounts in stocks, and the same corporations that own American politicians are holding onto record amounts of cash.  Increasing inflation now through monetary policy would be a strong incentive for these companies to invest that money or return it to shareholders.  This would be similar to government stimulus in that it would flood the market with money.   It would be different from government stimulus because the private sector would be deciding how to invest that money.