QE was never meant to create jobs or generate economic growth… it was a desperate ploy by Central Banks to put a floor under the bond market so rates wouldn’t rise.When interest rates are low, savers are punished and, to earn any kind of a return on their money (or just stay ahead of inflation), must purchase stocks or assets that might hold their value or appreciate. Bubbles are created with the risks attendant thereto, and savings as a pool of capital available for investment are diminished.
It’s also why Central Banks have kept interest rates at zero or even negative: again, they cannot afford to have rates rise. In the US, every 1% increase in interest rates means between $150-$175 billion more in interest payments on our debt per year.
Forget stocks, forget your concerns about this or that valuation metric, the REAL issue is what happens when the Bond Bubble pops. When that happens it won’t be individual banks going bust, it will be ENTIRE NATIONS.
Thus does the welfare state play out at the end of the delusion that unproductive people can be supported by productive people.
 "The Biggest Bubble in History is About to Pop." By Phoenix Capital Research on 12/05/14, Zero Hedge, 12/5/14.