Friday's speech by Fed Chairman Ben Bernanke could be a game changer

This Friday, Fed Chairman Ben Bernanke will give a speech at the Federal Reserve Bank of Boston Conference titled "Monetary Policy Objectives and Tools in a Low-Inflation Environment". Jon Hilsenrath of the Wall Street Journal has outlined a preview of the speech,  Fed Chief Gets Set to Apply Lessons of Japan's History. The article hints that Bernanke might discuss possible future steps the Fed could take in addition to buying longer-term Treasury securities, as the Bank of Japan as recently done. God help us, hasn't he already fanned fears of currency devaluation. My view on QE is this: QE is to monetary policy what steroids is to sports, we have banned the use of steroids in sports so we should also ban QE.