What are the problems with QE?

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Twelve years ago quantitative easing was considered radical. It was called 'unconventional' monetary policy. Actually, it was government just using the power it has to create money at will, which had been pretty much denied until that time.

Now QE has become conventional - there will be more than £400 billion of it done this financial year in the UK alone. But there are problems with it. As a result I am creating a mini-series on the issues that QE is giving rise to, how we can address them, and how this relates to modern monetary theory, which some would like to see replace QE. This is the first in that series, and focuses on the strengths, and weaknesses, of what is now conventional QE.