No matter how you slice it, what the Federal Reserve has done during the last several years is already hurting Americans. It will get worse.

Last Wednesday, Chairman Ben Bernanke announced that the Fed “would be buying around $600 billion in Treasury securities over the next eight months.”

Bernanke also promised the Central Bank “would buy $105 billion over the course of this month.” It didn’t take the Obama reappointed Fed chairman long to start this latest intervention.

On Friday, Bernanke began implementing delivery of the financial presents for insiders using a process called QE-2. Not to be confused with the venerable cruise ship Queen Elizabeth II, in this instance, QE stands for “Quantitative Easing.” Proponents of Quantitative Easing liken it to an insurance policy against inflationary expectations.

Nassim Taleb, NYU professor of economics, reacted to the Fed announcement saying, “Bernanke is back in the pilot’s seat… and he … is ignoring the risks.”

If that becomes the case, the implications are bad – very bad – for almost all Americans.

But, hold on, there’s more.

One of the few economists who doesn’t mince words – Nassim Taleb is bluntly referring to the economic bubbles and housing market meltdown that has been artificially addressed by errant government actions including: bailouts, stimulus and interventions – topics I discuss in my speaking series, “Mistakes Undertaken by The Mistaken.”

Here’s more insight from another blunt speaking economist:

Nobel Laureate Joseph Stieglitz has pointedly criticized those responsible incumbent bureaucrats saying “it was irrational for the regulators not to realize that rational responses to (what were) bad incentive structures was going to lead us to a problem.”

Paraphrasing the old adage “you shouldn’t throw good money after bad money,” Stigletz said, “if we had taken the $700 billion of TARP money and – looking forward not back – started a new bank … that would have generated $8.4 trillion in new credit.”

Back to the latest intervention called “QE-2.” Think about what Taleb is saying:

Government and the Fed are coming to the rescue - to save us from problems they created.

And, consider what Stieglitz has pointed out: That if in lieu of TARP, it was a new bank.

How many new jobs would existing businesses create with that new credit? How many new businesses would open shop? How many homes would not be in – or at risk of – foreclosure?

If Bernanke is hell-bent on creating $600 billion out of thin air, why not redirect that amount and leverage the new paper in order to fund that new bank Stieglitz suggests?

In my view, the best thing would be for Bernanke to short-circuit QE-2 immediately. If he doesn’t, QE-2 creates $600 billion out of thin air. That means the value of every dollar already in circulation drops. It also means the price you pay for everything will increase.

Richard Olivastro is a professional member of the National Speakers Association and founder of Citizens For Change.He can be reached via e-mail at RichOlivastro@gmail.com or by phone at 877-RichSpeaks.