The Fed will NEVER end its Quantitative Easing program much less “taper” it slightly. The Fed’s QE policy itself causes malinvestment in the structure of production, which leads to higher unemployment, among other evils. But the Fed believes that the very evils it causes require even more credit expansion, so it continues to pump reserves into a banking system already awash with excess reserves of $2.3 trillion (as of Oct 16, 2013, obtained from its own reports). So the Fed’s justification for continuing QE is the result of its own QE policy! The American economy is right back in a bubble similar to that of ten years ago, only this time the economic data is worse, because the economy has had even more credit expansion poison. The longer the Fed continues QE the worse the malinvestment and the worse will be the inevitable and necessary recession/depression to cleanse the system. The real economy is getting further and further away from its sustainable structure of production, which only can be attained by the investment of real savings and capital accumulation in an economy with honest and not phony money.