Great Comment from Hussman

From this week's Hussman column:

I remain convinced that QE2 and the speculation that comes with it is based far more on rhetoric than on any demonstrable or historical cause-effect relationship between the monetary base and the financial markets. In recent weeks, we've hopefully provided sufficient data and analysis to support that evaluation. If central banks had the power to prevent bear markets (we've seen two plunges of over 50% each in the U.S. over the past decade), we simply would not see them, because they nearly always involve economic turbulence. Like the story by Hans Christian Anderson, Ben Bernanke looks to be parading about in the Emperor's New Clothes. One would think that investors would learn something from Japan's quickly ineffective experience with QE.

[Emphasis mine.]