Monetary policy – and QE in particular - served an important purpose in the immediate aftermath of the financial crisis, but central bankers have allowed it to become a quasi-permanent feature, and that is a mistake.
Our political leadership should instead turn its attention to fiscal policy. A change in government spending can be affected in many ways, but the only responsible way to spend more public money would be to do it in a way that affects productivity positively, and that means more infrastructure spending.
The UK and the US could certainly do with a better infrastructure, and they are not the only two countries.
Now the trickier one – Are there ways to enhance the spending power of the broad public without turning it into a socialist economy? The answer is yes - think helicopter money, but certainly not Zimbabwe-style helicopter money, which was an absolute disaster.
"Think of it instead as helicopter money achieved through fiscal means and designed to increase the spending power of the poorest 95% of income earners," says economist, Niels Jensen of Absolute Return Partners. "One way to do it would be to lower the tax rate for low income earners or to send them a monthly cheque.
"Before you object to spending public money on non-productivity enhancing initiatives, think about the trillions of dollars that corporates from all over the world have stashed away in offshore tax havens," he adds.
Taxing that money at a reasonable rate could easily finance such an initiative, and increasing demand would benefit the corporate sector anyway.
That’s proper chopper moolah.
The ECB will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said. Even some sceptics of more stimulus on the bank's Governing Council have accepted that an extension beyond the current expiry date of March is inevitable given weak underlying inflation and heightened political risk, they said.