We wrote up a “QE3 Fact Sheet” after Ben Bernanke’s announcement on monetary policy Thursday. Left-wing apologists for the central bank came out in full swing, advocating for the money injection as a beacon of hope.

Chairman Ben Bernanke made two announcements Thursday about monetary policy: (1) the Federal Reserve will begin its third round of quantitative easing, and (2) it will maintain extremely low interest rates of 0 to 1/4 percent until at least mid-2015. These banking actions may sound like gobbledygook, but their effects on our country’s currency are drastically serious. Let’s translate a few things into layman’s terms. “QE3” — what’s this mean?