"In addition by keeping interest rates artificially low the Fed is creating a large funding gap for pension systems and other programs leading up to what could be a demographic time bomb. It is very hard to justify the risk to reward payoff of this monetary experiment. The defense of quantitative easing rests largely on an assessment of what would have happened to the economy absent its support. Nonetheless we should fear the law of unintended consequences because it takes a very small shift in perception to result in uncontrollable socio-economic change. We may get higher asset prices today but at the expense
of inflation, class warfare, social unrest or something even worse tomorrow."