Sort of following along from the previous post, suggesting doing away with the Fed as a thought experiment, here's a video I found from a link at Greg Mankiw's blog. I should point out that, despite it, Mankiw himself is cautiously supportive of the Fed on the issue -- in his own words, "While I do not agree with its conclusion, I did find this video on QE2 amusing" (and so did I):
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