I don't like the multiplier effect in lending. To avoid bad inflation after money supply increases during debt monetization, the Federal Reserve has to be absolutely precise in how it exits its asset holdings to reduce the money supply when it raises the target fed funds rate. They don't have the greatest track record in that department as it is. On top of that, the whole system is based on a monetary policy where money supply increases are done without congressional representation.
At the end of the day, the inflation we become subject to is simply another version of taxation without representation.