There is quite a strong argument that in spite of its deployment as a
form of monetary inflation QE was empirically deflationary via
numerous channels: by encouraging cash hoarding by savers in the absence of adequate income; by skewing wealth and income towards those most likely to hoard it; by an inter-temporal Ricardian equivalence; in your own Austrian terms by driving excess investment to the upper reaches of the production structure, creating excess capacity and malinvestment; by skewing the incentives of company directors towards short - term speculation; by perpetuating the survival of zombie entities; by encouraging investment in unproductive assets.
The dense textile of woven and knotted, colored electrical wires,
forms a series of functional circuits that distribute four
channels of sound to the
numerous speakers interleaved in the weaving.