> For example, watch for Fed purchases to lead to a stronger dollar. Trivial to offset by giving free money to people. The problem is the Fed can't get most of

> For example, watch for Fed purchases to lead to a stronger dollar. Trivial to offset by giving free money to people. The problem is the Fed can't get most of it back. While assets in their balance sheet will hold some value. Of course, once you start giving free money you destroy societal incentives and get a much bigger problem. Productive people switching to "cabin in the woods" mode.