It will fix it by making all of us pay the bill. In the long run QE will lead to nothing but inflation. In the beginning you may not notice it, but then after a while you will start asking yourself, why is real estate so insanely priced. And then medical care, cars etc. And while a single/small country can't do QE for far too long before going into hyperinflation and people resorting to another currency / currency board, FED+ECB can actually go much longer. Scale matters. On the moral side though, I find it quite totalitarian an non-democratic to do QE at such a scale and in such away. Just ask yourself where the newly created money supply will be poured into. I bet the SMBs won't see much of that.