QE2 has succeeded: the economy is growing, jobs are starting to recover, and inflation is tame, but we're still below where we should be. As long as inflation-protected Treasuries say inflation is below 2.5 percent, we haven’t done enough quantitative easing. We should be getting ready for QE3.

A little more inflation means fewer people defaulting on mortgages, less "jingle mail," and less needless suffering. False prophets have overblown the threat of inflation getting out of control.