What could possibly go wrong?

Ah, yes, it's time to print more money for more "quantitative easing":

 
WASHINGTON — The Federal Reserve launched a new campaign to stimulate the economy Thursday that it said would continue until its help was no longer needed or its efforts became counterproductive, opening a fresh chapter in its five-year-old response to the financial crisis...
Definitely read the rest—there's lots to make you shake your head in amazement—but the thing that jumped out at us here at Redneck Mansion was this:
The committee’s statement said that the Fed now expected to hold short-term interest rates near zero at least through the middle of 2015...
After all, what could be bad about that?  Lower mortgage payments, lower car loan payments, lower student loan payments, than there were when Jimmy Carter was president, for instance.
 
Well, this is what's wrong with it:
...The worst taxes of all might be those that don't wear the scarlet "T" but, instead, sap wealth by stealth. And nothing in this department matches the interest-rate engineering that is quietly but massively transferring money from savers to government...
 
... If Washington had to pay the average interest now that it paid in 2000 (6.4%), it would be paying $500 billion more each year to stay afloat. Just matching the average rate it paid at the end of the George W. Bush administration (3.2%) — it would have to pay $130 billion more annually.
 
Every year Washington adds another $1 trillion or so to the debt, making its dependence on low interest rates even worse. Like central bankers everywhere, the Federal Reserve is doing what it can to lower government borrowing costs, though of course this is not its stated mission.
 
Officially, it pumps liquidity into the banking system and keeps rates low in order to spur private-sector borrowing. But when the biggest borrower by far is Washington, Washington gets the lion's share of the benefit.
 
The biggest losers from this hidden tax are those who have accumulated savings and are now trying to live off them. Retirees and near-retirees, especially those without pensions, must be wondering if anyone is on their side....
We hope somebody at the Romney-Ryan campaign is listening:
...Romney and Ryan can step forward with a persuasive solution.
 
They can offer a simple argument: The only way to get interest rates back to a level where savers get their due is to break the government's debt spiral.
 
Raising taxes won't work, because that will weaken the economy and interest rates will have to stay low to keep it from collapsing. The real answer is tax reform to spur economic growth along with entitlement reform to rein in spending over the long term...
Read the whole thing...and then go educate your friends and family. The media isn't going to do it for us.