The most powerful central bank in the world, the US Federal Reserve has received a lot of brick bats for its ultra-easing monetary policy. The quantitative easing program, which is nothing but a sophisticated term for reckless money printing, has fuelled asset bubbles across the globe. And it seems the US Fed is going to have a tough time to end this money printing binge. The recent Fed move to defer the tapering of the QE was an indicator of how vulnerable the US economy is. If it is taken off the QE dope, it may just collapse.

In fact, even within the US Fed there are officials who are against the QE. Richard Fisher, a top Fed official, is one of them. As per him, the QE is ineffective in reviving the economy. Moreover, it may lead to high inflation in the future. He even urged the Fed to start the tapering September onwards. But as we all know, it didn't happen. And this has certainly hurt the central bank's credibility.