"I am more skeptical of the magnitud of the impact of quantitative easing than many of my friends. Once you grant decently functioning capital markets, I’m not sure of the potency of QE. There is no question of course that QE in the United States in the early post-crisis phase was enormous important. But with financial markets basically working, you have the question of how much investment opportunity there is that people would engage in with the 35-basis-point Bund that they would
not engage in with a 100-basis-point Bund. Even if there are such investments, what is their quality?... ( Larry Summers, secretário do tesouro com Bill Clinton e director do conselho económico nacional na administração Obama)
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