Volcker: I don't think that QE2 will have a very large impact on economic growth

Talking in Seoul, Volcker states the obvious, that both short term and long term rates have no room to go down.  QE2 will probably not have that great of an effect

Via Reuters:
"It's hard to have a big impact on the short-term interest rate that is already zero, and on the bond-market ... two things are working in opposite ways on the interest rate," he said, referring to concerns about long-term inflationary pressure.

"An underlying problem in the international monetary system generally has been that most countries like to be in surplus. You want to feel comfortable but it's impossible for everybody to be in surplus," he said
Via AFP:

"I don't think that (support) will be very large," Volcker, who now chairs President Barack Obama's economic recovery advisory board, on Friday told a press conference in the South Korean capital. "That doesn't say there won't be any.

"It (the Fed) certainly hopes there will be some but I don't think that action alone will make a very dramatic difference."

"Interest rates are already so low that it's easy to over-estimate this," he added.

"There's more talk about this than, frankly, that I think it's worth."
More

Sep 23, 2010: Volcker declares financial system broken; mortgage market almost beyond repair
Volcker: 14 Culprits of the Financial Crisis

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