There is no chance that the money injected by the Fed will find its way into the real economy, and no chance that it will ignite a wage/price spiral in an era of credit contraction and rising unemployment.

Depends upon how it is done. If the money is injected through the standard lending system while that system has fear of defaults, it will not make it into the economy, or at least not that much of it.

The fed has also the ability to spend that money directly on government projects. This will put the money into the economy directly.