Mervyn King must turn off the printing press - Telegraph

those with a surplus of savings might become more conservative still if they saw the outlook for income worsening at a time when their long-term security is being eroded by heightened inflation.

via www.telegraph.co.uk

Jeremy Warner makes the case against QE2 in a well written article. He also makes a pretty "Austrian" point:

in the US... a long-incubating problem of structural unemployment, hidden for years by the credit boom, is being misdiagnosed as one of deflation

The problem, in a nutshell, is that you can't buy confidence.

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