But he ignores the fact that savers are incurring permanent losses by being deprived of normal rates of return on risk-free assets.

FORBES: Bernanke Administers Another Cruel Dose Of Financial Morphine With QE3

Note that you can get a risk-free real return of 3.5% on inflation-indexed U.S. Treasurys.

FORBES: The great stock illusion

Only a few short years ago, many financial planners insisted that stocks become virtually risk-free if you just hold on to them long enough, guaranteeing you a higher return than any other asset.

WSJ: The Intelligent Investor: Lessons From the Iditarod