The risk is more taxes

 The Price of the Fed’s New Policy

The central bank wants to maximize employment and lift inflation, and it’s willing to ignore the trade-off. The risk is asset inflation and financial imbalances that may end in a crash.

Asset inflation, if you like. But mostly a heavy ten year burden of Fed taxes, mostly for the purpose of waiting for pensions to stabilize in California, pretty much like last time.

There is an underlying risk. Facebook, Apple or Amazon needs a banking sector and the federal government is bankrupting the regulated banks. Big tech has the money to create a universal shadow banking system.