Dan Kervick, pushing MMT at Yglesias's blog:

Possibly. Or they might just yawn. Even the Austrians must be wondering by now whether their pet theories of awesome and evil Fed control over the price level by virtue of quantitative policy are all wet. After all, we have had two rounds of QE already, with little impact. But who knows? Maybe a third push on the string will unleash the great inflationary gusher.

http://en.wikipedia.org/wiki/Early_1980s_recession

I also believe without QE and QE2 unemployment would be 10 or 11 percent. Obama wouldn't even have a chance of being re-elected in that case.