> Interestingly, the NASDAQ over the same time has also grown 40%. There is an argument to be made that quantitative easing produces more asset-price inflation

> Interestingly, the NASDAQ over the same time has also grown 40%. There is an argument to be made that quantitative easing produces more asset-price inflation than consumer-price inflation in economies where wealth is concentrated at the top (and the new money also mostly goes there). That could help explain why the massive QE programs after 2008 in both the US and Europe coincided with unexpectedly low consumer-price inflation but large increases in stock, bond, and property prices. In a way, stocks and property are just consumer products for (relatively) rich people.