Whatever was the real reason for the Fed to initiate another round of quantitative easing, the end result is fairly clear: the Fed is wittingly or unwittingly in the process of creating new bubbles - in equity and commodity markets.What we had feared would transpire from spring 2011 until around mid-2012 may now be starting to play out. One of our friends eloquently described QE as nothing more than another great government Ponzi scheme with a fancy name that would make the Advertising Industry proud.