This is so confused. Start by claiming that QE is justified by low inflation, not high deficits. Certainly, even the most basic thinking could suggest that low inflation may be due to low demand, which requires large deficits to fuel economic recovery. In other words, such an analysis would determine that in the situation we are in (and the FT has contextualized this argument in this way), are the claims made here the same?
Once the answer is:
The speed of money has changed.
Another possible answer is that we may not be in a recession where there is a lack of demand. Of course, this is not the only possible cause of a recession. Could be that we had a supply side shock that won’t be resolved by a surge in demand.
But, you know, that would take some macroeconomic knowledge to work through …