Some more on QE

The US Fed had thrown open the doors of its money printing exercise around 5 years ago with its quantitative easing (QE) programs. Over these 5 years, several other developed countries decided to adopt the same policy. The result is that the global financial system is flooded with cheap money. And has all this money really helped the printing countries take care of their troubles? Not really. But the critics who thought that this money would only lead to inflation in the issuing countries were proved wrong as well. These countries especially US have not seen consumer inflation go up either. 

So where has all this money gone? And what has it really accomplished?Well it has led to inflation but just not where it was expected to. The cheap money has found its way into emerging markets and has led to inflation in asset prices in these countries. In a way the inflation has actually been exported to the emerging markets. At the same time the goals of stimulating economic growth in the developed world have fallen short. Banks are still unwilling to lend in these countries as they prefer to use their funds for earning higher yields in emerging markets or risky asset classes. Consumers and industries are not enticed by the lower interest rates and are not borrowing either. They think the low interest rates would continue into the future as well. Given that the QE programs have fallen short of everyone's expectations, won't it be better to just discontinue them?