"The more the Fed takes on its balance sheet, the more the long-run independence of the central bank is damaged. Monetizing so much government debt is what Third World nations do. Draining the new money from the system will someday be a problem. It may introduce a round of 'beggar-thy-neighbor,' central bank-engineered currency depreciations . . . . If this fails the U.S. economy, and the stock market, will test new bottoms."
-- economist Tyler Cowen, on the Federal Reserve's decision last week directly to finance government spending