It cuts the cost of capital, which encourages investment in equipment (even robots) and makes capital even cheaper than labor. To the extent that it creates jobs, they are overseas. QE creates a pool of hot money that goes around the world seeking yield.
"big-business borrowing won’t create new jobs. To the contrary, large corporations have been investing their cash to pare back their payrolls. They’ve been buying new factories and facilities abroad (China, Brazil, India), and new labor-replacing software at home."
--http://www.zerohedge.com/news/2013-05-01/guest-post-what-it-means-be-free-america
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