That's a very plausible theory, but I don't think it's the problem at all. It's more that pretty much all QE so far has just gone into financial assets, and ext

That's a very plausible theory, but I don't think it's the problem at all. It's more that pretty much all QE so far has just gone into financial assets, and extremely little of it has flowed down into the real economy. Hence we see asset prices rising (i.e. share prices and house prices), but little growth or inflation.