this is like ken simpson tom sergeant won the nobel prize for their work.hing is and i'm not by any means -- many people will tell you there is no proof. all you see a certain interest rates move in certain spreads move and you don't know what happens in the economy. the economy is not doing well so there for qe can be effective. that is having a much too high a bar because if you look at whether the federal sure server the bank of england has cut interest rates in the past they have used the same methods and get the same results and sometimes the economy doesn't expand the way you hope it does because of the things are going on or because expectations are there. just to say i think it is a misnomer to get all wrapped up in the idea that qe didn't work. there are obvious terms that people use as headwinds. in this force gale-force had ones that were out there like balance sheets deleveraging, like the euro crisis, like fiscal policy being tightened in various places at various times so the idea that qe somehow is demonstrably not going to work is misguided.