I agree with just about every sentiment in the article below by Pimco’s Mohamed El-Erian.  He makes the case that the Central banks’ are basically attacking global economic problems on their own, without the aid of fiscal policymakers’.  This is a huge problem and is the primary reason that unprecedented monetary stimulus is resulting in increasingly lower incremental economic growth.  To ultimately see economic and employment growth, governments’ need to enact policies that are pro-growth, but instead the opposite has occurred.  Spending is down, taxes are up and the witch hunt for sins of Wall Street’s past have continued, further reducing confidence.  The political and regulatory landscapes have been extraordinarily murky, engendering no confidence for businesses to be comfortable investing in new jobs.  If things go really bad with this unprecedented quantitative easing operation, I wouldn’t be surprised if history puts the same blame on current policymakers’, just like the constriction of credit from having no reliable central bank greatly exasperated the Great Depression.