[greeneggs]

What is your argument exactly? You say, "If you measure the efficacy of your policies and find that they have not achieved the intended effect, on what would you base the extension and expansion of those policies?" But then your example, QE2, achieved the intended effect. As you say, it had a moderate effect on economic growth, and with only a moderate effect on inflation. Nobody claimed it would be a magic bullet. Monetary policy without coordinated fiscal policy can only have moderate effects.