When the Piper asks for payment and there is not cash at hand, highly liquid assets get sold first. Bonds and gold come to mind, but will helcopter money also do the trick?
My gut feel is that required QE needs to be magnitudes greater than the money that was printed post GFC money that continues to inflate the relative prices of investment asset classes.
QE can also favour some individuals and companies at the expense of others as it is puched through the doors of zombie banks.
