Just a comment to chime in with some interesting info. QE in the UK seems to have actually kicked into the inflation cycle. Commodity prices (butter was a big

Just a comment to chime in with some interesting info. QE in the UK seems to have actually kicked into the inflation cycle. Commodity prices (butter was a big one, if I remember correctly, at >20% yoy) have been jumping alongside service costs (insurance). I'm sure that Brexit is _some_ sort of variable in this equation but I won't pretend to make heads or tails of how beyond that inflation is in fact happening in some places. [0][1] Given the level of concern there is over the "missing inflation" in USD that causes so much headscratching by the Fed WRT rate raises, I think the OP is fair to say that we should be at least somewhat concerned about the state of currencies during QE (My intuition as someone not in finance is that it's simply been "absorbed" somewhere in the system that doesn't trickle down to normal consumers, such that it doesn't manifest like the inflation they're looking for; would be curious if someone more informed could speak to this.); and more importantly, the position that a multi-year ZIRP regime puts us in to respond to the next crisis. Bitcoin is an obvious outlier for sure, and a correction would hurt. But compared to the populations currency exposure, bitcoin's pain would likely be much less widespread. [0] (because I trust reuters as a source) https://uk.reuters.com/article/uk-britain-economy-inflation/uk-inflation-hits-highest-in-nearly-six-years-peak-seen-soon-idUKKBN1E60YF https://uk.reuters.com/article/uk-britain-economy-inflation/... [1] (more fine grained breakdown from sketchier news site) http://www.trustnodes.com/2017/12/13/inflation-spikes-britain http://www.trustnodes.com/2017/12/13/inflation-spikes-britai...