Why Economists Love the Federal Reserve
.....CONCLUSION
The Federal Reserve is untouchable inside academia. But it is beginning to have critics outside of academia. The bust and bailout in the fall of 2008 sent a message that finally penetrated the information barriers imposed by Old Boy Network: "The banking system is rigged to favor the biggest banks." This has been true ever since 1914.
The FED still has a free ride inside academia. It does not have one on the Internet.
QE2 will backfire. There will be either price inflation or another attempted exit strategy. The exit strategy failed in 2010, as you can see here.
There is no permanent exit strategy, other than Great Depression 2. When it comes, either before or after hyperinflation, the FED's Kings-X within the ranks of academia, with its depleted pension portfolios, will finally end.
-Gary North
http://www.lewrockwell.com/north/north962.html
I've read that QE-3 starts this summer.