The US Federal Reserve has decided to open yet another printing press. Earlier this week it has stated that the central bank will buy US$ 45 bn of Treasury securities per month. This round is expected to start in January. This will expand its asset purchase program. The general idea is still the same that this would lead to a flux of money in the system, thereby boosting economic growth. This has led to severe criticism from many including PIMCO's Bill Gross. He has stated that the Fed's latest move allows it to issue debt for no cost whatsoever. This is true given the near zero interest rates that exist in the US economy. Issuing debt for free has its own repercussions. This move makes it virtually costless for US to finance its fiscal deficit which will keep on growing. Eventually the flood of money will start to stoke inflation in US as well. This would eventually kill economic growth in the country rather than helping the same. From what we have seen in the previous rounds of monetary easing, this approach has not really been too successful. Therefore it would not be wrong to say that this round will not produce any spectacular result either.