Why are central banks continuing to put so much money into the economy in spite of so much inflation?

In an interesting article, Vargas Llosa, Senior Fellow of the USA's Independent Institute, writes:

"What governments... are doing is attempting to whittle down their huge debts by debasing their currencies while continuing to borrow scandalous amounts of money. They are also hypocritically using the devaluation of their currencies brought about by quantitative easing to compete internationally--while accusing others, with good reason, of manipulating their own money to keep up their export machines."

For the full article: http://www.independent.org/newsroom/article.asp?id=2973 Sphere: Related Content