I Have read quite a lot about Quantitative Easing over the last few weeks, this is still the definition that makes the most sense to me. By Tim Carpenter on The UK Libertarian Party Blog from 20th February, and can be seen by clicking, here.
It is as if you are a beer-maker and the Government pitches up at your warehouse in the dead of night with a truck of water and a truck-load of barrels. It breaks in without permission, waters down your beer and takes away barrels of beer for its own use. Because it gets first dibs on the barrels, those least diluted will be taken away. You wake up and count your barrels and all seems ok. When you come to sell your beer you find there is more in the marketplace and what you have is weaker, so the price you get is lower. Your beer is now less valuable yet the State has beer - money - it never had.
It is theft, pure and simple.