Commentary The world economy has been on a perilous road for over a decade. The Global Financial Crisis (GFC) that hit the world in full force in September 2008 led central bankers and the government to issue extra-ordinary measures to stop the financial sector from melting down. Governments, for example, issued blank guarantees to bank debt and deposits, re-capitalized banks, and the Federal Reserve setup liquidity-swap operations with other central banks to guarantee the availability of dollars. However, the most drastic innovation was the asset purchase programs of central banks named quantitative easing, or QE. The Bank of Japan ran a first-ever QE-program from March 2001 till March 2006. The program was deemed unsuccessful and canceled, but this did not stop central banks from enacting such programs during the GFC. During the first round of QE, launched on Nov. 25, 2008, the Federal Reserve bought bonds issued by Government Sponsored Enterprise …