According to Bloomberg:
By committing to buy Treasuries and double his purchases of mortgage debt, Federal Reserve Chairman Ben S. Bernanke signaled his determination to avoid a repeat of the Great Depression and his willingness to pump as much cash into the economy as needed to end the current crisis.
U.S. central bankers decided yesterday to buy as much as $300 billion of long-term Treasuries and more than double mortgage-debt purchases to $1.45 trillion, aiming to lower home- loan and other interest rates.
And they’re right, this won’t be another Great Depression. What Ben “Rambo” Bernanke and the Fed are doing has a high probability of sparking a hyperinflationary collapse (a so-called “crack up” boom), similar to what happened in Zimbabwe, Argentina and countless other countries. This is the inevitable result of over-expanding the money supply. Is this the last gasp of capitalism? Will confidence in the paper-currency con game continue? Time will tell.