QE is now an impediment to recovery

Problems caused by China and central banks

The global economy has so far failed to achieve a self-sustaining rate of growth despite increasingly aggressive monetary stimulus from many of the world's major central banks.

The cause remains the sheer weight of outstanding debt accumulated in the period leading up to the global banking crisis and now sustained by the relentless march of ever lower interest rates. Much of the blame for the current malaise must be laid firmly at the door of central bankers who have maintained the use of quantitative easing, despite growing evidence that its use is now becoming a significant impediment to recovery. Flooding the world with cheap liquidity is distorting asset prices and artificially supporting a structurally unstable economic environment. Preventing the 'crea...