The currency's being printed already (in the form of SBD) and being stored in the steem.dao account. If this proposal is accepted, then a portion of steem.dao held SBD's would be sold (to lower the value of SBD to $1 - where it was always intended to be) to buy STEEM (which would increase its price).

This proposal would initially be a detriment to users who hold SBD but a benefit to those who hold STEEM.

It makes a lot of sense and has been discussed before. Hopefully this push by @jondoe will see it happen 👍