I cannot think of a single other observation about the effects of QE that is as cogent as this comment! For me THIS was the BINGO moment: "Prices are bid up to the return margin of those can get the cheap financing." But it is hopefully not quite true, or, at least, doesn't mean that prices will increase to infinity. Please explain what the limits of the 'return margin' are when money is available at zero interest. Is it just the amount of such money made available? And what does this imply for Keynes' 'euthanasia of the rentier'?

"It is not necessary to have hope in order to persevere."