KTD chart, page-556

don't disagree that QE has provided more money in circulation but its effectiveness is there when it trickles down. the QE was used to bail out wall st and those banks have only used the funny money to buyback their own stock and leverage up with these low interest rates. that doesn't help the man on the street but helps a man on Wall Street. while QE 1 & 2 was justified, I don't think 3 & 4 and operation twist plus leaving rates so low for so long was a good idea. the US are now where they started before the Great Recession. the QE experiment has been a miserable failure. if it was a success then the media wouldn't be trying to reassure us 24-7 that we are in a recovery. Also throughout the obama presidency we kept hearing "recovery", but if that was legit they should have raised rates cause in a recovering economy that's what you do. instead, everytime the fed threatened or mentioned about raising rates, you had taper tantrums which tells you people weren't confident a recovery was in place. you can't have the cake and eat it. either the economy recovered and therefore raising rates is justified or the economy isn't recovering and low rates remain. the USA debt to gdp ratio is also above 100, which isn't healthy. all the fed kept doing everytime they touted a recovery and refused to raise rates was move the goalposts for raising rates. bernanke first said we will raise rates when unemployment hits 6% then he said when it hits 5% and it never happened under because he knew he had to keep the American people believing there is a recovery by inflating the stock mkt. but we know the stock mkt isn't a proxy for the real economy.
in the US the participation rate is the lowest in 60 odd years, inflation excludes food and energy so those figures you hear in the mainstream are BS. I lived in the US during Obama's reign and call tell you inflation was higher than 1-2%. its how they cook up the numbers.

anyway, a healthy debate. I'm here to see KTD through but on your argument as to whether QE worked, I'd say it hasn't because we are still talking about a recovery after 10 years and GDP is no where near the 4-5% and that's with 22T of debt.