I remember an article in FT last month in which several fund managers were predicting the results of the end of QE.  All were predicting big recoveries and moderate inflation, except for Jan Dehn at Ashmore, who was predicting disastrous inflation.  I remember thinking at the time, "These guys are being paid a lot of money to give opinions via manure spreaders."  Given that QE has been propping up commodity prices (See Chris Cook's "Thousand Words" diary.), that demand is going nowhere (Wages are still stagnant, and there is only so much debt people can absorb.), and austerity will continue to wind its counterproductive way through everything for the foreseeable future, where is the recovery supposed to come from, and what will be the cause of any inflation?