Moderate money growth, weak real GDP growth, declining total employment, and persistently high unemployment have driven inflation down, not up.

FORBES: Nothing to Fear from Fed's Monetary Ease

The Federal Reserve uses quantitative easing, a policy of buying bonds, to increase the money supply and improve liquidity in the financial system in the hope of sparking economic growth and supporting employment.

BBC: US central bank keeps buying bonds to boost economy

The Federal Reserve buys bonds as a way of increasing the money supply and improving liquidity in the financial system, in the hope of sparking economic growth and supporting employment.

BBC: US Fed's Ben Bernanke hails benefits of stimulus

That decision was a response to a U.S. unemployment rate stuck at 9.6 percent, a recent slowdown in already weak GDP growth, a decline in total employment in three of the past four months, a low and declining inflation rate, weak money growth, and fiscal policy off the table over deficit concerns.

FORBES: Global Pots Calling the Kettle Black

Usually, it will be cloaked in terms like full employment, price stability, temporary stimulus, quantitative easing, and economic growth, but manipulation of the money supply serves only to favor the issuers of that particular monetary unit.

FORBES: The Fiat Emperor Has No Clothes