Abenomics have given us a good preview of how Bernanke's QE program will end. The nice thing is that the Japan bubble and implosion happened in such a compressed period of time that even the most dense of Keynesian, Krugman and company cannot deny what has happened. QE, like in Japan have not made US companies or the labor force any more competitive. Likewise, this "housing recovery" is total nonsense. Its built upon PE and investors buying up properties to rent. The hotest market, Stuyvesant NY is ground zero for the great unwinding. Housing investors tried to hike rents 30% there and now they are sitting on a bunch of underoccupied inventory.