A zero interest rate policy, unlimited asset buying, Wall Street bailouts, etc. This is a never-ending monetary accommodation that leaves you asking: What else will the Fed do after inflation averaging?
Eventually, loose monetary policy will damage real savings to the point that the economy can no longer sustain sufficient economic growth. At that point, it will become clear that money printing can't create economic growth.
The mother of all monetary stimuli could turn out to be worse than a dud—a catalyst to a slide into further recession just as the supply shock of pandemic recedes.
The most important insight of the Fed's move to increase its inflation target is this: central banks don't much like to follow "rules." They make the rules.
Those who advocate for a "weak dollar" to encourage trade with American firms show how little confidence there is in American industry. Meanwhile, cheapening the dollar punishes savers and ordinary workers.
Since government creates nothing itself, all interventions are nothing more than transfers of wealth for the benefit of some and the destruction of wealth for everyone else.