Let The Dollar Go

Stanley Fisher is at it again. Israel's central bank is buying some 100 million US dollars a day. This seems a repeat of Israel's version of "Quantitative Easing", which Fisher executed three years ago. Fisher appears to maintain that he does not inflate the Shekel by buying Dollars with newly generated Shekels, as he can always take the Shekels back by selling the Dollars. This would be true if the US would not be inflating the Dollar. I hope that this time Fisher is effectively buying Dollars with Euros, or with Yens, and that he will be strong enough to let the Dollar go.