It's just amazing how incompetent the people in charge are.
Update: Here are some charts backing up the thesis that all QE2 did was increase food and energy prices and actually had a detrimental impact on real GDP. Note that there are lags to monetary policy so inflation doesn't pick up immediately nor does it end as soon as the spigot is closed. Anyway, let's start with food:
As you can see, at the beginning of QE2 in November of 2010, food inflation was running at around 1.5%. By the time the effects of QE2 had run their course, food inflation tripled to almost 5%! Now let's look at energy:
As you can see, energy inflation was running at around 5% at the start of QE2 and then quadrupled to 20% at the end of QE2! What about the impact on GDP? Did it at least increase GDP like it was supposed to? Nope, in fact real GDP went down as there was more net inflation than actual growth coming from the program:
So tell me why we are doing this again? This time on an open-ended basis? This will not end well.