After pressuring Governor Masaaki Shirakawa, the Bank of Japan came through, setting a formal 2% inflation target (CPI contracted 0.2% in 2012) and unveiling a new open-ended asset purchase program (QE).

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In an era of unprecedented efforts by the U.S. central bank, Federal Reserve Chairman Ben Bernanke took another step along an unproven path Thursday by launching an open-ended asset purchasing program.

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The European Central Bank unleashed its open-ended bond buying program after Mario Draghi promised to do all he can to save the monetary union, and Fed chief Ben Bernanke announced his version of open-ended bond purchases, dubbed QE3.

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He will also have to see to it that others in the Pentagon bureaucracy faithfully implement his direction that this no longer is simply an open-ended research and development program.

CENTERFORSECURITYPOLICY: Center For Security Policy

The verbal intervention, coupled with the unveiling of an open-ended sovereign bond-buying program (Outright Monetary Transactions, or OMT) pushed skyrocketing yields across the PIIGS down dramatically.

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The most significant part of the program is its open-ended nature rather than a fixed amount or time period for its asset purchases.

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The open-ended, blank-check nature of the Medicare subsidy threatens the solvency of this critical program and creates inexcusable levels of waste.

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