With QE2 having only just begun, Federal Reserve Chairman Bernanke is already laying the groundwork for QE3--more money printing after the current round of money printing!

Federal Reserve Chairman Ben Bernanke this Sunday will make his second appearance on 60 Minutes, defending the central bank's controversial $600 billion bond buying program.

And he doesn't rule out the possibility that more could be on the way.

Well, that came fast. As I wrote a week ago, "Indeed, it's difficult to envision a course of events that doesn't include printing money a third time, and a fourth time, etc... The current trend would suggest that an even larger QE3 is on its way--probably in late 2011 or early 2012."

In other news, gold hit a new record today closing at $1,406.20. Coincidence? Probably not.

I won't comment further on this insanity right now other than to link to other previous articles I've written on the subject.

QE2: Economic Quicksand

The Dangerous Path of Printing Money

Sovereign Debt: A Greek and American Tragedy