QE3 etc is indeed hot air - more money like more drugs for the drug addict.
But it ultimately creates winners and losers:
Winners - hard assets incl property, commodities and especially gold - owe money that's devalued away
Losers - savers/lenders - people without hard assets
A gold 10,000 world would divide society brutally along the above lines.
If you think politicians will keep kicking the can with QE because the other form of reckoning is too unpalatable, you can prepare yourself accordingly.
