The goal of QE is to produce inflation, as a crude and imperfect way of getting rid of savings glut. As there is not yet possibility for negative retail interest rates, the only way to achieve this is through inflation, which is not so easily invoked at all.



After all, it needs to rise prices and wages ( across the board) and this is indeed cumbersome and requires broad coordination and willingness of capital owners, who in agreeing to pursue this strategy also agree to obliteration of their own saved profits, which is against their interests.



Therefore inflation is hardly seen.



Even if this approach worked, it would seriously harm small savers, people before pension and so the results would be muted at best.



However, there is a way how to handle this problem without indiscriminately hurting small savers:

Upgrade of our financial system to fully digital and introduction of tax on deposits (direct capital tax).



That way central banks could introduce negative RETAIL interest rates and the problem of zero lower bound would be solved.



The mechanism for this is described in my work:

www.genomofcapitalism.com, chapter 16.



By introducing such measure, we could alter consumer spending/saving habits without need for so crude method as inflation, without need for excessive QE, which is hardly working anyway.



Introduction of fully closed circle of capital which enables its recycling through direct tax on deposits is an arrow, which is currently missing in central bank´s quiver and causing all the problems.