If the Fed engages in "open market operations" and buys newly issued T-Bills directly from the US Treasury then it absolutely does create new money. The Fed buys the IOUs from the US Treasury, writes the balance into the accounts of the Federal Government (the Federal Reserve keeps the accounts of the United States Government) and poof new money is created (an increased account balance in an electronic database).

The Fed doesn't buy T-Bills directly from the US Treasury. That's a deadly sin in monetary economics. That would be monetising debt, which any Central Bank is (explicitly or implicitly) forbidden.
What the Fed actually does is buy (junk?) assets from banks, who in turn, buy T-Bills from the US Treasury.
If you can't spot the difference you don't know how finance and politics work :)

Actually, i think you're hoping a bit too much :)

I fail to see the link between a "weaker dollar" and higher prices in the EU. Actually, it should work the other way - a weaker dollar should lead to *lower* prices in the EU, in Euros. Anyway, i never understood the pricing of some companies - MS, Apple, Sony - as they seem to assume that 1$ = 1 = 0.75£ or something. Economically this just doesn't make sense. The prices should reflect the costs, which in these companies are in different currencies. The prices should then be ajusted to reflect the division of the costs in these currencies, and some hedging should be done to counteract exchange rate risk. Just assuming a fixed exchange rate (one which is wrong...) just doesn't make sense to me. I would love to see the justification for this, including why the prices in EU and Britain always seem to be higher than in the US or Japan.