"Japan had QE with money printing for close to 40 years now" All sovereign nations "money print" to pay bills. All bills, all the time. That's how the accounti

"Japan had QE with money printing for close to 40 years now" All sovereign nations "money print" to pay bills. All bills, all the time. That's how the accounting works. It's not a relevant issue. And that causes a cascade process of spending, which becomes somebody else's income less tax. Over a series of hops (transactions) that spending all disappears in tax - whatever the tax rate. The question is how many transactions that takes, and whether the economy can undertake this transactions (and you can work that out by looking at the number of people without work that want it). Tax rates change the amount of transactions in the hops. Beyond that it is down to whether everybody spends everything they get the instant they get it. If they don't and they 'save', then that automatically causes a 'deficit'. That saving/deficit combo then attracts an interest rate. QE does nothing other than alter the interest rate the saving/deficit combo attracts. It seems strange that people get excited about levels of saving. Isn't that a good thing?