The Fed's QE3 and "Pushing on a String"

Further to the points I have made in previous posts (including from yesterday), the Fed's low-interest policy appears to be ineffective.  Daniel Mitchell makes these and related points in the interesting posting below.

http://danieljmitchell.wordpress.com/2011/09/22/the-federal-reserve-the-twist-inflation-qe3-and-pushing-on-a-string/