MoneyWeek wrote this about QE3:
move by the Fed raises some interesting questions about democracy and
central banking in general. Bernanke insists the move isn’t political.
That’s probably true.
"At the same time, it was quite stupid of the Republicans to tell
the one man who has more short-term power over US consumer confidence
than anyone else in the country, that they were going to fire him if
they won the election. If Barack Obama was ever looking for a poll
boost from the Fed, this is the best he could have hoped for."
And so we see another example of the rise in power of the unelected technocrats of the central banks. What of democracy?