I would like to point out it is a great fallacy by central bankers to believe that by pushing up asset prices you can create sustainable growth, it is the greatest fallacy.
And the BIS, the Bank of International Settlements, they made a study about all the periods of inflation, deflation for the last 200 years and they came out with the conclusion, having studied all these periods of inflation and deflation in the world for 200 years, that there is very little relationship between consumer prices going up or consumer prices going down and growth. But they came to the conclusion that when asset prices come down sharply, especially in a system that is indebted that this causes very serious recessions, depressions. That is the conclusion.
