After reading an essay a few weeks ago about how the Fed made a mistake during the 30s by raising interest rates too soon, I would not expect any tightening coming til 2012 (which they have said). The question is who is going to buy the T-notes? As monetary policy is becoming more and more mainstream, I believe a QE3 is impossible. As ZH has reported though, Operation Twist (OT) is an option and to the masses it would be unknown as it doesn't have a Q or an E in it. Per Peter Schiff, OT2 is basically an open ended QE program as no set denomination of assets to be purchased will be announced. How much fiat does it take to cap the interest rates? The question I think that weighs on everyone's mind is not if, but when. Is there going to be a gap between QE2 and OT? I would love to get people's insights on this. Does the Fed need a stronger dollar before more easing? Now would be the chance with the euro so vulnerable. Peculiar times to say the least.