Full employment without inflation is in sight. The central bank did its job. What about everyone else?

Fed policymakers and other North Atlantic central bankers who believe that further extension of QE poses substantial risks need to explain exactly what those risks are and why we need to guard against them now.

There are 2 reasons why the case for QE is overwhelming.

Introductory videos on quantitative easing.

To carry out QE central banks create money by buying securities, such as government bonds, from banks, with electronic cash that did not exist before. The new money swells the size of bank reserves in the economy by the quantity of assets purchased—hence "quantitative" easing.

The U.S. Federal Reserve’s once-in-a-lifetime program to buy immense piles of bonds, month after month, in an extraordinary effort to restart a recession-deadened economy came to an end in October 2014 after adding more than $3.5 trillion to the Fed’s balance sheet – an amount roughly equal to the size of the German economy.

The Bank announced that its Monetary Policy Committee (MPC) decided the size of the QE programme would stay at £375bn (€521.9bn, $576.6bn) and the interest rate would stay at 0.5%.

The "people's QE."