Quote from the article:
”… US QE program probably caused a worsening of wealth distribution in the US, triggering a new wave of stock and property bubbles, and the global commodity bubble. QE has also triggered heavy fund inflows into emerging markets, causing sharp appreciation of their currencies, asset bubbles and inflationary pressure.”
When he says “…triggered heavy fund inflows into emerging markets…” he means all the money was invested overseas and not in America. Sadly, all this investment overseas didn’t result in a “trickle back to America/Main St phenomena.”
The US economy is still in the shitter from extremely poor aggregate demand.