The US Federal Reserve has announced plans to buy back US$300 billion worth of Treasury bonds and to lend an extra US$750 billion in its Term Asset Backed Securities Loan Facility (TALF) to kick start car loans, student loans and mortgage lending. The Bank of Japan also announced plans overnight to buy up to US$18.3 billion a month of Japanese government bonds. The Bank of England has already started its gilt-buying programme. This is money printing on a grand scale that threatens to create a "very nasty" inflation problem in a year or two, according to Alan Bollard last week in his parliamentary appearance after he cut the Official Cash Rate by a less-than-expected 50 bps to 3%. Your views on this money printing?