A coherent story about why the massive increase in the Fed's balance sheet hasn't been more effective

Billionaire Hedge Fund Manager Ken Griffin 

Has A Theory For Why QE Isn't Working

by John Carney

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According to Griffin, low interest rates have encouraged businesses to invest in technology that reduces the demand for human labor. Meanwhile, health care reforms have increased the cost of human capital—so it's a double whammy.

"As we've all learned over the years, if you reduce the cost of capital you increase your use of fixed assets and you take out jobs. Corporate America, seeing an ever increasing cost for its employee base and extraordinarily low interest rates, is taking every step it can possibly take to reduce employment, to build factories abroad and domestically to substitute technology and automated processes for people," Griffin said.
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