If people are jealousy guarding their cash for fear of losing wealth on other investments (seriously, what else would you invest in, in this environment?), then

If people are jealousy guarding their cash for fear of losing wealth on other investments (seriously, what else would you invest in, in this environment?), then printing cash and throwing it around is SO irresponsible that no one can credibly believe their bills will maintain value. They'll spend their cash on goods and services rather than see it's value disappear.