It is being called the shot heard 'round the world. At least it feels that way among the Fed-watchers, like myself, who watched in horror as the Fed revealed its latest scheme to fix the economy which they themselves have crippled.

The Federal Reserve, in a move which caught the markets and Fed-watchers alike completely by surprise (uh? Like we didn't know they were going to do this), announced today at the close of the FOMC's two day meeting that it would be buying some $300 billion in Treasurys.

MarketWatch reports:

The Federal Open Market Committee acted very boldly Wednesday, promising to crank up the money supply until the economy starts breathing on its own again.

The FOMC said it would buy up to $300 billion in longer-term Treasurys over the next six months. And it said it would boost its purchases of mortgage-backed securities and agency debt, all in a bid to get credit flowing through the economy again.

All told, the FOMC committed to boost its arsenal by $1.15 trillion, doubling in one pen stroke the amount of "credit easing" it's already accomplished.

While the cry of "hyperinflation!" seems to be echoing across the country (and the world for that matter) for those hip to the consequences of flooding a weak currency with more worthless paper, the Fed insists that it has wiggle room as long as it can sufficiently ride out the deflation wave and cut off the flood before the dollar explodes. That's awfully cute of Dr. Bernanke to believe he or his team of nitwits at the Fed are even capable of such a move but hyperinflation may not be the most logical consequence.

This is an unprecedented moment in our global economy. Were we the only ones cranking up the presses, we might start wiping our backsides with Jacksons and Hamiltons and Grants (no offense to those gentleman, may they not be rolling over in their graves over the mess their country has found herself in of late) before too long. But we are not alone and it has now become a quantitative easing gravy train with central banks around the world hopping on board the Currency Debasement Express. Last stop:The IMF's global currency? Regardless of outcome, the announcement just days after Bernanke appeared on 60 Minutes to reveal what the logical minds already knew they were up to further proves that the Fed has no desire to save what little value remains in our dollar. It's all or nothing and the Fed intends to go all the way. Go, Zimbabwe, go!

Who can say?

Certainly not those who saw only the markets take a leap at the announcement and failed to see the dollar plunge. China is not going to be too happy about this.

Could the United States find no better buyer than the Fed? Obviously not.