Those who are now looking backwards at how poorly the U.S. economy performed under QE2 in order to “forecast” the future appear to be neglecting the potentially beneficial effects of a firmer dollar in deflating the bubble in U.S. commodity costs. In the end, quantitative easing turned out to be an anti-stimulus which stimulated nothing but the cost of living and the cost of production. Good riddance.

Here. The reaction to QE2 was the opposite of what was expected. Interest rates rose, not fall. The price of commodities such as oil, gold, and other materials rose. The US dollar fell against the Euro. The cost of exported US goods rose.