When the 2008 Global Financial Crisis (GFC) struck, it was essentially a US domestic issue unfortunately big enough to impact the world economy. As such, then US Federal Reserve Chairman Ben Bernanke led the way out of the crisis with what some would argue was unconventional monetary policy while others hailed it the brave new formula. It was Quantitative Easing (QE).
QE in an historical perspective and by way of a simple explanation is the flip side of the way the economic world handled the great depression. Whether it is or is not a better strategy can never be answered because it wasn’t a global agreement; the world went in different directions.