I agree, It won't be easy to stimulate especially when entire developed world is competing for funds.
Entire developed world have been led to believe in wealth effect due to 1. Housing Ponzi and 2. Entitlement Ponzi Housing ponzi relies on ever increasing credit growth and finding greater fool to sustain, though there is no scarcity of fools, there has been scarcity of funds to support this credit binge.
Entitlement(medicare/pension etc) Ponzi relies on ever increasing no of people entering the workforce who supports those retiring, The problem with this approach is, as baby boomers starts retiring the no of people entering work force can't match that number let alone increase.
Demographic headwinds has the potential to have massive negative impact on asset pricing, in next decade here in australia and yet we hardly see any coverage in our media.
