Schiff gets my vote.

The central bankers have already printed enough reserves to create a hyperinflation if it was used via the fractional reserve banking system to create new credit. There is no way they can reverse that process as anyone who read Jim Rickards piece on KWN will understand. They either hold the assets they've bought to maturity or bankrupt themselves trying to sell them against a backdrop of rising interest rates.

They're in box and there is no way out. The objective is to inflate the debts away in an orderly fashion but things might get out of control...deflation is not an option for them. A combination of QE dropping the Western currencies against the Yuan, Ruppee etc and an asset bubble in commodities (caused by the liquidity injection) will create price inflation in the Western economies. I don't see how it can't do so and it is what they want anyway!

Even in the UK, where we have a fiscal austerity programme, the BofE stands ready to monetise Gilts if the economy roles over. There is also talk of another bank bail out being required and no-one is saying it should not be done.

It's QE to infinity...