Those of you who think that “quantitative easing” means that we’ve relaxed the general education requirements might consider cracking a newspaper — or the virtual equivalent.

This second round of quantitative easing, or QE2 for short, is all over the news because the Federal Reserve Board (the Fed, not “the feds”) plans to “inject” $600 billion into circulationOut of thin air.  Wa la.

As you might expect, the dollar is down and gold is up.  And stocks are up, too, though I didn’t necessarily believe this argument.

Not everyone is happy about this, and by not everyone, I mean the Brazilians and the Chinese. Keep an eye on this one.