In his Congressional testimony last week in Washington, Fed Chairman Ben Bernanke took time to downplay the significance of the few dissenting voices on the Fed's Open Market Committee (FOMC). Those statements, combined with an even more dovish statement by Fed Vice Chairman Janet Yellen earlier this week, clearly reaffirm the Fed's indefinite commitment to $85 billion of monthly quantitative easing. (It is surprising that those figures failed to invoke the attention drawn by the $85 billion in annual cuts detailed in the "sequester"). But the stock markets have gotten the message loud and clear and are setting records on a daily basis. The apparent triumphs of the Federal Reserve in pumping up stock and real estate prices, without triggering a sell-off in the dollar or easily visible inflation, have not been lost by observers around the world.

Many have dubbed the last decade or so to be an era of easy money. As it turns out, that characterization may have been premature. Based on the new crop of central bankers who are primed to take control of the world's financial system, the age of truly easy money may be just getting started.

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