I think the main benefit of Mario's policies is that the ultra low interest rates help net debtor countries, firms and individuals and annoy the creditors who want an easy way to make money. Everything else is a bit like pushing on a rope: the rope may coil up in bank vaults, but it isn't doing much of anything in the real world. Even asset price inflation is caused more by "investors" buying in desperate search of a return because their money in the bank isn't doing much of anything for them.

Index of Frank's Diaries