What is a long-term effect of the Federal Reserve actions?

Start with a debt that is absolutely unpayable.

Continue with the destruction of a currency that was used and respected the world over for the prudence that was shown in handling it. (Course you could also blame Nixon for that as well.) You've asked for one, but there are actually many.

You should google this. Try and find someone talking about printing US dollars. There is no way to whitewash what will eventually happen.