Quantitative Easing by the FED and ECB
A short story: “It is July 2015 on the shores of the Mediterranean. Times are tough, everyone is in debt and everyone lives on credit. Suddenly a rich tourist comes to town; he enters a hotel and puts a € 100 note on the reception counter to inspect some of the upstairs rooms for that evening. The hotel owner takes the € 100 note and runs to the butcher to pay his debt. The butcher takes the € 100 note and runs to the supplier of feed and fuel to pay his debt.