BBC: Will QE work?

"And the device of authorising the Bank of England to buy up a huge proportion of these IOUs has apparently reduced the cost of all that borrowing to an astonishing degree. Which seems a bit bananas, since surely all we're talking about here is one arm of the state buying debt issued by another arm of the state. Surely if markets were rational and efficient, there would be no impact on gilt prices, or yields or interest rates at all. Isn't there a kind of Ricardian equivalence going on here, where nothing of economic substance has actually changed? It seems to me that this policy only works on the basis that markets are irrational and short-termist." Exactly what I have been saying for ages, so if I'm wrong, at least I'm not the only one.