Instead of preparing for QE 2, it should be unloading the debt it purchased during QE 1.

FORBES: Learn To Love Deflation, Not Dollar Devaluation

No more printing money (QE I and QE 2..soon to be QE III) to pay the interest on the nearly 17 trillion in debt (by 2013).

FORBES: Guest Post: Enough Already! No More Band-Aids for our Economy

When QE 2 began , we saw the expected rise in economic growth and concerns regarding inflation trump QE 2 causing yields on Treasuries to actually increase.

FORBES: Commercial Real Estate's Sink-Or-Swim Moment As QE 2 Heads To Port

The ECB might well undertake QE at some future date, to support the eurozone economy, but the betting is that Mr Draghi will NOT be announcing QE today.

BBC: Waiting for Draghi

So to avoid QE I retribution, QE II was inevitable.

FORBES: QE II is here, Its impact on the money supply

Unfortunately, because QE involves the exchange of one risk-free asset (bank reserves) for another (Treasury securities), QE does nothing to increase the amount of risk-free assets available to the market.

FORBES: We Need QE3 Like We Need A (Jackson) Hole In The Head

Lesson Number Two: QE 1 and QE 2 boosted the wealth of upper income groups because the stock market rose and the wealthiest benefited since 75% of all common stocks are held by 10% of the population.

FORBES: The Price Of Oil Is The New Economic Spoiler

Video: QE 2 Or QE Flu?

FORBES: Do Investors Have QE Flu?

Quantitative easing (QE) was the catch phrase of the day on Tuesday as the markets digest both the Bank of Japan's new and possibly radical asset purchase program and rate reduction pair, and the prospect of further QE by the Fed.

FORBES

The Bank of England is in the midst of QE as well, the Bank of Japan Wednesday announced plans to expand its QE, and the European Central Bank has indicated it would undertake bond purchases in an attempt to help debt-plagued nations and shore up the euro.

FORBES: U.S. Global Investors' Holmes: More Gains Ahead For Gold As Monetary Base Expands

For Prof Miles, the only real difference between QE and even more "unconventional" money financing is that, with QE, the terms on which the money is created "are flexible and sensitive to inflationary pressures" - whereas in the case of a helicopter drop, the terms are more open.

BBC: Should Bank start the helicopter?

Supported by a QE II asset purchase program still alive and kicking through the end of June, we estimate that this, our current monetary inflation cycle, will show a cumulative monetary infusion of about 37% by the time QE II is over, 77% the size of the last inflation cycle .

FORBES: Monetary Watch June 2011, Inflation prospects post QE II

Ben Bernanke cannot use another round of QE without completely undermining the confidence of investors worldwide.

FORBES: True Grit - Investing With A Vengeance

Fed officials must be proud of their unprecedented journey into the unchartered waters of QE.

FORBES: After Bernanke's QE Sent Stocks To Record Highs, Will Fed Tapering Collapse The Market?

And broader financial conditions will remain ultra-accommodative after QE is ended, the latest FOMC statement read.

FORBES: After Bernanke's QE Sent Stocks To Record Highs, Will Fed Tapering Collapse The Market?

And for the curious, unlike QE, there is some historical evidence that austerity can actually work.

FORBES: Forget Cyprus, Japan Is The Real Crisis

So QE is a kind of magic bullet, helping all asset prices to rise.

ECONOMIST: Buttonwood

So that leaves the option of quantitative easing (QE), or creating more money to purchase assets.

ECONOMIST: Buttonwood

So many people loaded up on gold, looking for inflation to come in because of QE.

FORBES: FOCUS: Falling Commodity Prices, Slowing Global Growth Stir Deflation Thoughts

The key point is that this could also happen within the existing framework for QE.

BBC: Should Bank start the helicopter?

Then central banks resorted to quantitative easing (QE), a polite term for the creation of money.

ECONOMIST: Markets

At the past two monthly policy board meetings, BoJ decided to expand QE measures.

FORBES: Bank of Japan's Shirakawa, Boosting QE Against Non-Existent Deflation, Urged by Likely Next PM to Raise Inflation to 3%

According to Goldman, guidance is the first line of defense, rather than more QE.

FORBES: Bernanke Put Here To Stay With QE Through Late-2014 And No Rate Hikes Until 2016: Goldman

Yet, June came and went with no QE, and so expectations were pushed off until September.

FORBES: Why More QE Isn't Coming

But if so, that is also what the Bank is planning to do with QE.

BBC: Should Bank start the helicopter?

Since the inception of QE II, the money supply has grown at a 12.5% annual clip.

FORBES: Monetary Watch June 2011, Inflation prospects post QE II

Without those QE II asset purchases, we estimate that the money supply would have gone nowhere.

FORBES: Monetary Watch June 2011, Inflation prospects post QE II

Developed markets in Europe are unhappy with QE as a plan to stimulate GDP growth.

FORBES: Where QE Helps America, It Hurts Emerging Markets

Only a few short months ago it was all about QE I exit strategies.

FORBES: QE II is here, Its impact on the money supply

But most analysts still expect the latest round of QE to be completed as planned.

ECONOMIST: The politics of the Fed