From Dan Denning in St Kilda:

--Here it is. It's the video that started a World War last week. Watch it while you still can, before Communications Komissar Stephen Conroy has it banned.

--Ben Bernanke's press conference last week — that's the incendiary video we're talking about — doesn't look and sound like a declaration of war on the Middle Class. But that's exactly what it is. It's also the latest campaign in a global currency war that will demand a response from Europe, Japan, China, Russia, and maybe even the Reserve Bank of Australia.

--You've probably seen all the gory details by now. But if you haven't, let's quickly get you caught up on what the Fed said and did, and then what it means. You can bet the markets will rally a bit out of sheer drunken euphoria. But the party atmosphere won't last.

--First off, the Bernanke did not announce Quantitative Easing three, or QE3. It announced open-ended money printing, forever and ever amen! The Fed will purchase US$40 billion a month in mortgage backed securities (MBS) and continue 'twisting' its portfolio of US Treasury bonds and notes to longer maturities. All up, you're looking at around $85 billion a month in bond purchases.