The effect of bailouts/nationalisations of the money supply

I'm trying to understand the effect of the recent bailouts and 'liquidity injections' on the money supply and ultimately price levels. Presumably, the central banks have or will be creating money out of thin air for all this. But the money supply (whatever measure) has not increased suddenly. I'm guessing that's because they've acquired the debt of the failing lenders, so the money will only be created when there are defaults. How long will this take? And how fast will the money supply increase, when there are mass defaults? And which measures of the money supply will show the increase? I was surprised by how low the money supply is increasing at the moment. About 4% annually, according to TMS. So why do we have such high price increases now? (10-15%?) Are we still feeling the percolating effect of when the TMS was growing at around 15% from 2001-2004? Grateful for any help.