Fed under fire

This is an interesting article that the author presents his point of view of quantitative easing. He claims that the recent political attacks from the Republican on the Fed are misguided. He says the recent stimulus bill's focus is to  push down longer-term rates by buying longer-term government bonds rather than targeting a specific interest rate and thus the accusation of the U.S as currency manipulator is false. He emphasizes that China is the one who is manipulating the currency by amassing $2.65 trillion of reserves and is hypocritical for criticizing the Fed. However, in my opinion, this does not make it any less true. Even if manipulation of currency rates is not the "stated goal" of the Fed, this does not mean that devaluation is not a direct consequence of its actions.In addition,this inflation induced boom similar to the "boost" received in 2002-2004 that resulted in the unsustainable boom that directly led to the crash and recession we are experiencing now. While temporarily reducing unemployment is beneficial politically in the short term, inflating asset bubbles is devastating to the economy's long-term development.