QE is dead, Q.E.D.

I think we have won here. Bond yields continue to remain low, inflation (ex-commodities, which is an entirely different problem) is subdued, and growth is slowly resuming. QE has done what I have said here from the beginning: zero. Simple asset swaps between zero coupon notes (cash) and low and declining notes (short-term treasuries) does not add net financial assets to the economic system.

Of far greater import are the collateral posts and various vehicles where illiquid (and that is taking a charitable view of them) asset are parked.