Why our FED will not learn from Japan experience? Japan has been printing money and had zero interest rates and QE for 20 years, and Japan is still in recession!
QE and ZIRP is like pushing on a string. It does not go anywhere. Pulling the string works much better. FED is pumping money like crazy for banks to borrow it at extreme low interest rates, but few are borrowing it from the banks. The cheap labor express and stifling regulation overload on small businesses have combined to kill demand for goods. For example savers and seniors have no interest income to spend on anything.
But all the academics running the FED live in their own dream world in ivory towers. None have experience in the real main street economy which survives by competing fiercely in the market place.
I believe our government looked at Japan, realized the negative birthrate is killer, and simply opened our borders to prevent a similar problem. Instead, we have a different issue: The dwindling pool of taxpayers and/or workers in this country have to provide every basic necessity (as well as many luxuries) to most of those people coming in...