Lassez-faire, free market economies always has and continues to be what actual-fact history as well as sound economic theory support. Free-market capitalism breathes and is lively and robust. Socialism belongs in an old dusty museum somewhere as a display for stupid, antiquated ideas that never worked in the real world.
Correct, but printing money out of thin air is not quite socialist, it is Mercantilist (Something the Friedman, Adam Smith would be horrified about, no doubt). The implications are both with reference to inflation driving commodity/product prices higher and also, increasing exports by devaluing our currency (like China and Japan have done in the last 50 years.) It is a completely political move because exports can increase in the short term and increase the cash reserves (reduce deficit/debt) but it is unsustainable and dangerous in the long run (by creating bubbles, currency wars etc.). Far from being stupid, it is a planned move to increase political capital even if it decreases the country’s economic capital in the process, not that Obama and his cronies care of course.