Darum steigt die Inflationsrate nicht

Nomura: "Unless growth in lending and the money supply picks up and boosts the amount of money flowing into the real economy, no expansion of the monetary base, however great, will bring about inflation. And that is exactly what we have witnessed. Although the Bank’s assessment went on at great lengths about expectations and real interest rates, it almost completely ignored the absence of borrowers in Japan’s economy...This is like a car dealer who, faced with excessive inventory, sharply lowers prices but
finds that sales do not pick up. When he goes to investigate why, he focuses exclusively
on the decline in prices and neglects to ask why people are not buying the cars."

Der beigefügte Chart verdeutlicht die ganze Inkompetenz von QE

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