If, as some claim, the sale of new Treasury securities inhibited spending which kept prices from rising, then QE would have done the reverse, which it didn't. QE (QT) is just another bank buying (selling) gov securities.

In Japan, 0% rate policy for some 30 years along with massive 'money printing' QE, debt/gdp over 200%, minimal natural resources. Not without problems, but world class public infrastructure, universal healthcare, education, low unemployment, low inflation.

Source: https://ibb.co/12pw2Q0 https://ibb.co/Tt3qWdX

any bank can operate indefinitely with negative equity if the regulators allow it and continue to insure its deposits etc.)

https://ibb.co/tsgMS0L