In a recent post I presented a chart showing how the US monetary base has been increasing dramatically. Under normal situations, an increase in monetary base expands broader money supply measures like M2 because of fractional reserve banking. If banks hoard the money and don't loan it out, then increases in the monetary base have little impact on the broader money supply measures. In other words, the money is not getting into the hands of consumers and businesses. Now, the Swiss central bank is doing the same thing.
Well, at least there is no fear of inflation.