For the time being, in terms of grand Faustian bargains, the QEs are insignificant

Sir, Scott Minerd, referring to the quantitative easing programs warns: “Beware impact of central bank’s grand Faustian bargains” August 22. 

Frankly, as a grand Faustian bargains, the central banks QE’s do not even come close to when bank regulators, unbeknown to most, decreed, in Basel II, that even though banks had to hold 8 percent in capital when lending to citizens, like the small businesses, they needed to hold no capital at all, zero!, when lending to the emperor, even with a duration of 30 years, at least for as long as the credit rating agencies deemed the money printing press of the emperor to be infallible.