``QE is seen by its adherents, such as former U.S. Federal Reserve Chairman Ben Bernanke, as both the panacea to heal the post-global financial crisis world and also the factor whose absence was the main cause of the Great Depression. This is in line with their view that central banks create currency... encouraging banks to create even more money by lending to both businesses and individuals as a virtuous cycle of expansion unfolds. The theory sounds great. However it has one tiny flaw. It's nonsense.''

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