You're right in saying that the effects / impacts have not appeared yet. That's cuz the low rates and the continued printing result in the can being continually kicked down the road. So, there's no impact .... YET.

But this kind of foolish policy is like a junkie who takes more heroin when he starts to feel bad. The immediate result is that he suddenly feels better, even great.

However, we all know what will happen to the junkie. The same thing that will happen to the economy that's been addicted to constant injections of free money.