[Crowbob]

Quantitative easing and the drop in Saudi oil price are two very different things. The former is inflationary (in a normal economy) the other is deflationary (in a normal economy). QE is blatant money-printing which inadvertently and ultimately puts money into the hands of the investment class as is demonstrated by the stock market. Normally, Saudi oil glutting doesn't create more currency but leaves whatever scraps wage-earners have earned to spend elsewhere. However, in this distortd economy, wage-earners are not going to spend that money on consumer goods so much as they are going to try to save it (or pay Obamacare premiums in 2015).

This could lead to signfiicant deflationary pressure triggering even less domestic manufacturing, further reductions in the participation rate and possibly (if this continues through the winter) severe reductions in agriculture output with food shortages.

We shall certainly see.