The bad news is that we have no idea what sort of unexpected consequences this rampant Fed printing is going to cause.

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It was also expected that QE2, with the Fed printing tons of dollars to finance its big bond purchases, would result in the dollar extending its decline against global currencies.

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Whether that financing comes through higher taxes, higher federal borrowing, or the Fed printing dollars and causing inflation, it all involves a drain in some way of resources that would be more efficiently and productively used in the private sector, guided by market incentives and competition.

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