Most analysts have missed the fact that QE3 has already started in earnest. Of course, it would have been easy to miss. Ben Bernanke has not made any grand pronouncements. He hasn’t done some public thinking out loud, as he did among friends at Jackson Hole, Wyoming last August. It is not even called “QE3”. Think of it as a “stealth QE3”. But make no mistake. A new variety of quantitative easing has already begun in a big way, and is generating its desired effect.
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