I picked deflation. If the Fed has to print "unlimited money" for perpetuity, then it means the velocity of money and economic activity are anemic, and deflationary.
First of all, the Fed just can’t print unlimited money until and unless there is a strong reason to do that. And if I have to answer your question, the result of unlimited printing would be that they would easily buy everything. But as I said, this isn’t possible. There are some rules and regulations that needs to be followed.
Money will lose its value and I don't think any government would be ready for this. They know what must be done.