No it is not as simple as printing up the money supply, while I agree inflation is inevitable it is NOT RIGHT NOW. You are missing out on the intricacies of credit and money velocity. Even Mr. Doomsday Peter Schiff acknowledge the money velocity issue and he has been screaming about inflation. The indicators all show deflation right now. You don't need to be Austrian or Keynesian to see this.
That said, something like gold is good either in inflation or deflation, that is why it is up from its 700 lows. Though I think it will trough down a bit before going up.
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And yes they do subscribe to Keynes, it's pretty much what they teach in every college, along with the Chicago school and Neo Keynesian (synthesis of Keynes and Monetarist) Economics. These schools deal with fiat based economies. Whether these school of thoughts are completely bullet proof is another story.
Bernake is pumping credits into the system because he mistakenly believes the situation is similar the Great Depression. Unlike the depression, this is a failure of insolvent banks, the depression saw tons of bank runs - ergo pump credits into the system to sustain them. He is effectively pumping money into blackholes to keep them in a zombified state.