The problem resides in not examining appropriately the effect of money supply growth on key markets where inflation runs rampant. We have seen recovery in the equity and housing market, but we have not seen the recovery in household balance sheets that would allow for a normal yield curve. Rather, we see the economy sitting in the liquidity trap permanently and the problem building more and more ... will we survive this? probably not, and it is worse than the climate change issue.
I despair that I am the only economist that actually talks about the 'real' problem. the others receive a 'D' including our former governor of the Bank of Canada ...
http://equitablegrowth.org/what-is-the-free-market-solution-to-a-liquidity-trap-higher-inflation/