Paul, twisting toward the long end is called printing

Jim Hamilton could very well be wrong about whether we are printing or just swapping with QE.

Krugman continually points to Jim Hamilton's claim that moving the Treasury maturity peak out to the long end is not called money  creation;  just swapping assets.  The whole point of central banking is to create money based upon a better plans for the future, that is why we have a yield curve.

However, from the point of QE, there are two parties making the bet, the Fed and Congress.  By virtue of the failure of QE, it is clear that the rest of the economy considers QE and Treasury to be on an unsustainable path;  the remaining economy, local governments and the private sector, are not making that bet. Hence the increasing differences between growth revisions and nominal growth.

The two parties that control the money press are making a bet no one else agrees with.