[rjknight]

Businesses almost certainly won't be holding cash in quantities any larger than necessary to meet their short-term obligations.

The entire purpose of QE and similar schemes is to reduce the value of the fiat currency relative to other things, in order to encourage people to swap their dollars for things (increasing consumption) or financial assets (increasing investment, at least indirectly).

The problem is that the investment doesn't seem to be happening, partly because of expectations of a future crash. By this point I suspect this has more to do with real-world factors (climate change is a serious obstacle to long-term economic growth) than government policy.