Also, QE has involved giving banks trillions of dollars. The banks then either sit on the money, or use it to inflate the stock market and property markets.

Also, QE has involved giving banks trillions of dollars. The banks then either sit on the money, or use it to inflate the stock market and property markets. The stock market triples or quadruples and everyone says the economy is going well. The money never makes it to non-asset owning working stiffs, and consumer prices as measured by central bank mandated CPI measures don't really change. So the central bank and Keynesian economists brag that "inflation is under 2%! QE stimulus really is a no downside perpetual motion free growth machine!". And the press states that "nobel prize laureates" call for and support these measures, and politicians and the public assume that a "nobel prize laureate" in economics is like a "nobel prize laureate" in hard science, where awards are given for settled progress in science that everyone agrees on. And people don't realise that macro-economics and monetarism are nowhere near settled science, and that there are PLENTY of people still calling bullshit from the austrian/chicago school. Sadly it looked like this silliness was going to continue forever. Fortunately, the market has given us inflation-proof cryptocurrency, and these central banking bastards are finally going to have to test their theories and put their ideological balls on the line in a free market with the ability of nation states to control currency as the price for shitty science. Good luck to them - they will need it.