"As for your comment in your daily audio - looking for a catalyst like last year's QE2 - we already have it - Bernanke (the statement committing to keep short term rates at 0 for two years) just devalued the USD Cash Deposits (out app 2 year maturities) by about 5-10% depending on one's outlook on inflation. This means that this QE is most likely bigger than the first two QE's combined."

David Fuller's view Thanks for your analysis on this subject. Some financial commentators agree with you, although perhaps not to the same degree, and negative real interest rates are a tailwind for asset prices. By undermining savings, Mr Bernanke is trying to lead everyone from corporations with strong balance sheets to individuals with cash, to spend or invest this money in the US economy. The policy should have some success although in the global beauty contest, he cannot determine where these savings will flow.