Steve Williamson, My Last Word

Steve correctly proved QE was a deflationary action.
I am going to translate. The Fed is an efficient hegemon in the fiat business. The Fed is a little less efficient at zero bound, but they still do their job relative to any central banker.  The Fed's capital owner and major customer, the G in DC causes stagnititus. The Fed, doing its job, it is measuring the shrinkage of its own business as its owner takes it down. A shrinking banking sector measures deflation. The Fed measures its demise in units of QE.

There is a shadow banking system taking market share from the fed, and that system is efficient enough to manage growth. So we see central bankers measuring deflation, then real growth  revised up, measured late and underestimated in the government fiat.  The government fiat is becoming a bit less efficient and a little inaccurate as it loses market share. The shadow Bankers will need a retail fiat and likely adopt bitcoin, I think, which would be some humdinger.