There is no inflation because QE money is used to keep up the demand for US Treasuries which keeps long term interest rates low. It jacked up asset prices beca

There is no inflation because QE money is used to keep up the demand for US Treasuries which keeps long term interest rates low. It jacked up asset prices because baby boomers can't get risk free yield by buying bonds so they are buying stocks. It's non just 1% baby boomers, it's all baby boomers. Had QE 1 through 4 been dumped directly into circulation there would have been large scale inflation. I don't know anyone that would dispute that. A little inflation (about 2%) is good because it means demand is outpacing supply. That means the economy is growing. That is different that inflation caused by the raw printing of money which is destructive. In WW2 Germany had considered the possibility of printing counterfeit British pounds and dropping them on Britain to destroy the currency and economy.