(10-24-13) In a recent CNBC interview Marc Faber, publisher of the Gloom Doom and Boom Report, says "Every government program that is introduced under urgency and temporary measures is always permanent. And in my view the Fed has boxed themselves in where there is no exit strategy. The question is at what point will they increase the asset purchases [from $85 billion per month] to 150, 200 billion a trillion dollars a month? That's the question."
Faber's right that they've boxed themselves in and that they never proffered a fixed termination date wherein the Good Ship QE 3 can be turned around and come back into port.
So why did the Fed proffer a date for the termination of QE 1 and QE 2 which were fixed programs -- but not QE 3? They said up front that QE 3 was going to be an open-ended commitment, but the reason why they didn't proffer any fixed date is because they knew that they couldn't.