One of the men who runs the Federal Reserve System is worried about the potential effects of the central bank’s own policies, which involves printing more money.

Philadelphia Federal Reserve President Charles Plosser also acknowledged that he and his colleagues don’t understand all the policies’ effects.

“Well I am very worried about the potential for unintended consequences of all this action,” Plosser said on CNBC’s Squakbox program. The action Plosser was referring to is quantitative easing, the Federal Reserve’s attempt to simulate the economy by buying $65 billion worth of bonds each month.

Some observers believe QE is what is driving the stock market to new highs. There also are those who think a stock market crash and an economic downturn will result when QE ends.

Plosser thinks that the economy is recovering but that the effects of quantitative easing could threaten that recovery. Quantitative easing is supposed to stimulate the economy by keeping interest rates low. Keeping interest rates low encourages lending and economic activity. Critics have called it printing money and easy money.

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