David Glasner in response to John Taylor, economist for the one percent:

In addition, “increasing the monetary base in Japan” was supposed to “get the growth rate of the money supply . . . back up . . . not to drive up temporarily the price of mortgage securities or stock prices, which is frequently used to justify quantitative easing by the Fed today.” Ahem, the purpose of getting the growth of the money supply back up in Japan was to stop deflation, thereby increasing output and employment. Increasing the money supply is just a means to accomplish that objective. The purpose of quantitative easing in the US is to increase the rate of nominal GDP (NGDP) growth, and thereby increase output and employment. That some people believe doing so would also have the beneficial side-effect of raising the prices of mortgage securities or stocks is just a red herring.

Emphasis added. I wish someone in the press would have asked Bernanke about commoditites inflation now caused by global demand and expansionary policies of Indian and China and not by U.S. monetary policy.