Who are you and how did your gross misunderstanding of economics ever put you in a position of leadership and regulation of financial markets. As you can see, the only thing that QE increases is uncertainty for real economic output and certainty for financial product output, QE reduces purchasing power of a currency and theoretically influences for a short time imports at the expense of increased purchasing power from somewhere else but this only occurs for a short time as normal business and people with normal skills are not currency traders. Monetizing debt in such a way forces non-trading skill sets to attempt to modify their behaviour to address uncertainty of normal economic transaction - which results often in high leverage application of short term techniques such as buying back highly inflated shares or of holding risky securities such as JGB's without the ability to focus on the long-term. QE and monetization force rational and productive people to focus on shorter and shorter term objectives and less and less productive pursuits. HOW YOU CAN SEE THIS PATTERN as positive is WHY THE WORLD IS AT RISK OF WAR and ECONOMIC CALAMITY. High leverage is not good for traders and its not good for productive output. It is not good for governments especially ones who distort GDP to keep astronomical debt to GDP ratios looking somewhat palatable. In the case of the US there has been virtually NO GROWTH AT ALL in real economic transactions reported in GDP but $4+ trillion of growth in non-financial hednically adjusted or imputed transactions. Without these distortions the US Debt to GDP and Japan's too would be double what they are...I am sure you would consider that healthy, productive and sustainable, but herein is the problem of a bunch of financial theorists playing with badly constructed models of how they think things should work - without having any experience with an actual activity called "WORK" and experience with productive output.



In the case of your reference to data from IMF - that convenience is similar to the US data quality - irrelevant. IMF also stated that the commodity price drops were accretive for economies of the world - and any analyst with a 30 year old calculator in less than an hours can conclude that this is NOT the case. Funny that people feel so conformable making claims they do not really understand based on numbers and facts that are inaccurate and unverifiable.



Please go back to Oxford or some other elite university and continue your clearly useless studies and thank you for your contributions to making the financial system and more risk sensitive place