While economists and traders chase their tales trying to guess whether or when the Federal Reserve will initiate a third round of quantitative easing, it may have already begun!

In a classic exchange that took place between CNBC's Larry Kudlow and legendary investor Jim Rogers recently, you'll find these gentlemen agreeing with each other that the Federal Reserve is probably already active in the Treasury market in ways that are not publicly disclosed.

In other words, Ben Bernanke's Fed may be adding a secret shout to its Operation Twist to get more rock and roll out of its collective efforts to keep Treasury yields artificially low. Rogers does not mince words, asserting that Bernanke is "lying about it." Have a quick look at this 3-minute clip, and then let's discuss it: