Draghi claimed today, again the circus, that at some points "QE has been the only driver of this recovery." Even if that statement is true, it can't have been a recovery. The term itself has been so misused, to attempt to reverse engineer some measure of success for the policy.

John Maynard Keynes would be spinning in his grave. Monetary as fiscal policy is supposed to spur the organic processes that then lead to sustained economic growth (pump priming). If it is the only thing moving the economy forward (itself debatable), it has failed on its own terms.

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