Keynesian economists triumphantly point to the massive QE that has occurred and the seemingly minimal resulting inflation and claim victory for stimulatory monetary policy.

How was the QE performed? Basically printing piles of money and giving it to banks. What have the banks done? Double or triple the value of every equity market. Hardly any of the money ended up in the pockets of regular people buying groceries and petrol. Yet our measures of inflation come from consumer goods, not equity markets. Is it any wonder that our bullshit measures of inflation have barely budged.

I think the coming bust (whenever it occurs) will be the last boom/bust cycle in which this shit flies anymore. We now, finally, have universal, non-inflationary currency of a type which can compete with the unproven conjecture of Keynesian economists. People have been complaining that about economic theories being hard to prove, well here is a battle between the old dogma and a new challenger.