Time to rip QE oxygen mask from the banks

Telegraph
"Since QE began in March, Economic Agenda has railed against this ridiculous policy – in stark contrast to the vast majority of other professional economists and financial commentators. ......While the public is deeply suspicious of QE, the majority of economists seem to support it. Why? The reason, in my view, is linked to the fact that the UK's insolvent banks, by selling gilts back to the authorities, and receiving cash balances in return, are using QE as an oxygen mask.As such, QE is recapitalising, by the back door, banks that should fail – and at everyone else's expense, given its impact on future inflation. That's why the City economists who work for such banks and who dominate the airwaves are so adamant QE is great."