We live in very interesting times. Stories from the dot.com bubble and the subprime derivatives meltdown are fun reading, but the recovery from the current global debt crises will take center stage in economics classes for the rest of the century.

Since most of us are not economists, we can actually have a fascinating debate about this (though I will miss Dirk's views here). What I mean is that we don't need lots of statistics and tables and graphs to get a lot of strong opinions about this question:

Is QE, as practiced by the Federal Reserve and now possibly by the ECB, the necessary antidote to preventing economic collapse and/or a spiral of deflation so that we can grow our way out of these messes?

Or do you believe adding more debt will never fix a problem driven by debt and leverage?

My stance: I think the Fed's QE has been the right medicine, in the right amounts, at the right time and it is helping the US economy grow its way out of the crisis. Far from making the problem worse, we will look back 5-10 years from now at our economy, our GDP, and our debt and thank Bernanke and Company for their foresight and wisdom.