Via Tony Yates
The best that is to be said for EZ QE is that will probably do no harm, and is worth a shot. Unless its labelling as ‘monetary socialism’ [Tweeted extract from German press, HT Mark Shieritz/Christian Odendahl] leads Northern politicians to redouble their opposition to good old fiscal ‘socialism’, which would, in fact, be a much better bet right now.We prioritize fiscal policy but understand it's a fiscal-monetary mix. NGDP path level targeting will highlight the failures of Kaleckian Central Banks who are in no rush to tighten labor markets.
We don't view it as giving money to the financial sector. We consider it to be the euthanasia of the rentier. They ration credit as to keep labor markets loose and wages stagnant.