With an unlimited capability to print new money, I think

a great depression replay like the 1930s may most likely be avoided this time. However, the problem is, despite the short term deflation, as soon as the recovery begins in 2 or 3 years, tremendous inflation pressure will mount caused by maybe 2 trillion of added money circulation. Unless Fed can withdraw the money supplies in the future, which I doubt, a long term inflation future is guaranteed.