QE2 - Quantitative Easing Explained
Very amusing explanation, however, if you're interested in synopsis of the true definition of Quantitative Easing this video provides a good summary.
QE leads to larger deficits. Deficits lead to inflation and uncontrolled deficits lead to uncontrolled inflation. Germany 1924, Japan 1982, Russia 1998 Asia 2007, Greece 2010. The best thing to do is work on controlling the deficit.