There are three principal objections to the new [quantitative easing] program. The first is that the inflation that it aims to increase by a slight to moderate amount may get out of hand. … The second objection to the new program concerns its effect on the role of the United States in the global economy. Nations such as China, Germany, and Japan that are large exporters are irate at our devaluing our currency by increasing the world supply of U.S. dollars. They are capable of retaliating. … The third and perhaps biggest objection to the program of quantitative easing is that it relaxes the pressure on our politicians to address urgent issues of economic reform. The politicians are sitting back and letting the Fed try to hoist us out of our current economic hole.