1. Reduces incomes of savers, so they spend less.
2. raises prices for poor and middle class people since prices go up when dollar is devalued. Inflation will become severe when velocity of money picks up.
3. Doesn't help economy much, because banks aren't lending with all the newly created QE money.
4. Will ultimately lead to a currency war and/or dollar devaluation.
James Grant and Bill Gross are correct--QE is a COMPLETE FAILURE! Let interest rates be determined by the market, NOT central planners!