[mywittyname]

QE has led to inflation, but it's lead to the good kind of inflation: increases in stock and real estate prices; and not to the bad kind: increases in food and energy prices (for the USA, at least). A side-effect of QE is the decrease in bond yields, pushing capital into stocks and real estate, which furthers the goal of propping up asset prices.

I am worried that QE will eventually lead to a collapse in yields across the entire economy. QE is great at maintaining or increasing the price of assets, but unless the productivity underlying the asset continues to grow, then yields will continue a trend towards 0. It doesn't help that the people who benefit the most from QE, are also the those who never need to liquidate their assets. These investors are perfectly happy to watch the paper value of their assets explode while yields remain the same.