Only in retrospect will we know for sure but possibly in one of the great ironies in the history of monetary policy and economics, Paul Volcker, the man who is credited with ending the awful inflation of the 1970′s and early 1980′s thru an aggressive rate hiking cycle where he took the fed funds rate from 10.5% to 20% over 9 months, is saying at a Chicago Fed conference that the Fed’s QE of buying bonds “doesn’t bother me” as they are “understandable” under the current circumstances. Discuss amongst yourselves.