QE is happening globally. As you noted, QE3 ended in the US Oct-14. On the final day of US QE3 ending, the Bank of Japan announced another round of QE in their economy.
http://www.reuters.com/article/2014/10/31/us-japan-economy-b...
The European Central Bank announced QE in Jan-15.
One way to think of QE is global competitive devaluation to capture global demand. QE + ZIRP or even negative interests are the primary tool of central banks now. Capital misallocation continues on a global scale.
Re:Paul Krugman: The austerity delusion
by walterbell on Wednesday April 29, 2015 @05:17PM
(#9461861)
How would negative interest rates compete with cash which has a zero interest rate, or premium real estate which offers a long-term return?
This is a good summary of why people might buy negative interest rate bonds:
http://www.vox.com/2015/2/5/7981461/negative-interest-rates-...
e.g. Cash is not secure in your bank account. A government backed bond, even at negative interest, may be more secure than a cash balance.
ZIRP and negative interest rates are pushing people out on the risk curve and raising asset prices.
As I said in an earlier comment, IMHO, all investment decisions are bets on central banks.
[1] http://www.cnbc.com/id/102009066