It was, in its purest form, a commitment to monetize that amount of debt that could not be absorbed by the market.

Now, nearly 10 months later, it appears that this commitment has only grown stronger.

What it really amounts to is "fiscal dominance," a scenario in which a country's debt grows so large that the central bank is forced to abandon whatever ostensible mandate it has been given for a new, unspoken one:

...print as much money as is required to fund the government and prevent a debt spiral.

It only takes a glance at the chart below to understand that the Fed is now being forced to play "follow the leader." As former chief economist for the BIS William White put it,

"At some point, people realise that the government can't support the debt burden without going back to the central bank to print more money. This is a tipping point."

We have now reached that tipping point.