More QE is just delaying the inevitable

How should we all, collectively, react to another round of quantitative easing or monetary stimulus?

Every month seems to bring fresh evidence of mounting economic difficulties that need fixing by central bankers, which in turn cues more market fretting and then the inevitable panic. Central bankers almost slavishly react by curtailing their holidays and then act like Texas Rangers racing to the rescue of folk under attack from those beastly bond vigilantes. Yet talk to patient, long-term investors and they are horrified by this monetary stimulating, fearing governments are just putting off the inevitable – a long painful process of adjustment to a low-growth world. Perhaps more tell...