“For all intents and purposes, Bernanke has said that the Fed is going to relentlessly focus on the variable it can’t control (employment) at the risk of causing bad news for the variable it can control (inflation).  Since that hasn’t worked in the past, it presumably won’t work in the future.  For those of us who worry about the pernicious impact of inflation, it’s possible that the Fed will soak up all this excess liquidity at the right time. But don’t hold your breath.”

http://danieljmitchell.wordpress.com/2012/09/14/qe3-a-risky-ploy-to-solve-the-problems-of-bad-fiscal-policy-with-bad-monetary-policy/

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