Jim Sinclair's thoughts on the 'sterilized' QE3 below:
This would be a hat trick because it assumes the Fed would borrow back funds they have created by good ole debt monetization. It assumes there is no purpose to QE in the first place. It is monetary double talk beyond MOPE or maybe MOPE at a spiritual level. It is an attempt to intellectually cloud the process and to give plausible believability to PR lies.
Once you buy the bond via monetization the deed is done. It ends there. If you drain then you have done the reverse.
This is a statement that says we will step on the gas and then equally apply the brakes which means you go absolutely nowhere. It is a statement that is total gobbledegook to deflect the fact that QE is going to infinity. It is a statement that only those who do not understand monetary science might give credibility to.
This is a damned lie which belongs more out of intelligence agencies than a body claiming transparency. This is why there is no practical way out of this mess as it offers no solution to anything whatsoever.
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