It's the beginning of an inflationary period and may even see the eventual collapse of the US dollar. It's also a slap at the Chinese (they should be worried)
Part article: http://business.theage.com.au/business/world-business/fed-debt-splurge-sends-greenback-tumbling-20090319-92d4.html
Fed debt splurge sends greenback tumblingMarch 19, 2009 - 6:58AM Page 1 of 2 Single page view
The US dollar plunged after the Federal Reserve said it will purchase $US300 billion ($453 billion) of longer-term Treasuries, spurring speculation the central bank is debasing the currency. Treasuries surged the most since 1962.
''They are trying to ease credit and increase quantity of money at the same time,'' said Benedikt Germanier, a currency strategist at UBS AG in Stamford, Connecticut.
The US dollar sank depreciated as much as 2.9% to $US1.3435 per euro, the biggest intraday decline since Dec. 17. The US dollar lost 2.3% to 96.29 yen from 98.60. The greenback also slid against the Australian dollar, with the Aussie recently buying 67.6 US cents, up from about 66 US cents yesterday
