We are, then, a very long way from normal. Consider that the ECB is launching its QE programme at a time when real interest rates are already negative. As such, historically ultra-loose monetary policy is now being made even looser. Myopic politicians like QE – because, by rigging sovereign bond markets, it allows them to keep borrowing and spending. Mismanaged banks also like QE – because it means they sell their burnt-out, under-performing investments to the state and pretend they’re solvent, which avoids the discomfort of going bust.