High levels of quantitative easing and low inflation would lead to an investment strike and a huge debt over-hang simultaneously on the public and private sector balance sheet.
Today's good news, of the unemployment rate dropping to 4.2% is sadly not the triumph that it should be for the UK economy. Due to low investment by corporates, the productivity of UK workers is low and still below 2007 figures in 2017 - 10 years of effectively no productivity growth at all!
As a result of this, it is unsurprising that wage growth is so low - companies are not making extra returns on their staff and so cannot reward them with more pay for the same productivity.
Adding to this, massive immigration supplies plenty of low wage workers, so that less business investment is made and there are more people with which to share the slowly growing GDP (hence GDP per capita has also grown only 2% since 2006, and only 4% from the 2009 trough!).
At the moment, this feels worse as the Brexit induced currency fall in Sterling has also pushed inflation to 2.4% - ahead of wage growth. No wonder Jeremy Corbyn is riding high, it is a time of economic malaise (not a crisis, but not nice either!).
Of course, this could be Japan or the UK in terms of the economic issues - the Bank of England has seemingly little room to move, keeping interest rates low and the QE piled up.
There is though a chance to change. We need desperately now to end QE which is no longer the prescription for our 2017 economy - it went to far in 2011 anyway. Ending QE will raise interest rates and harm the housing market - but will improve the saving rate for younger people and will encourage older people to spend - like they used to, in a normal economy.
Also essential is a continuation of the lowering of income tax to help generate demand. The continued Brexit issues may help in an odd way - the low currency effect will stimulate also demand, as will the now small growth the EU has managed to spark with its own ill-thought out QE program.
If we had not already reached £1.7 trillion of debt, there would be a fiscal loosening room too, but we don't have that luxury when we need to reduce QE as it is.