time. Take a look at the following chart: It shows commercial and industrial loan totals at all commercial banks. Basically, this is a reading that roughly gauges the appetite for investment in the real economy. Only recently are we approaching anywhere near the peak prior to the credit crunch and the ensuing global financial crisis. This begs the question: Have consumers, businesses and entrepreneurs finished de-leveraging so that their appetite for investment risk and demand for loans can improve? If so, QE III may actually been seen as facilitating growth in C&I loans. DISCLAIMER: Thanks to the policy of handling our too-big-to-fail banks and regulating our banking system, the influence in the banking industry has actually been consolidated into too-bigger-to-fail banks . For example, a whopping 54% of C&I loan growth has come from the top 5 (these too-big-to-fail) large banks; an additional 30% comes from the next 95 biggest banks; and virtually nothing comes from the other 1,600 institutions the Fed categorizes as "large" banks. Thus, any new shockwaves in the financial system can now more easily feed into the lending system and economic activity. Therefore, since emerging markets are especially dependent on flows of U.S. dollars, the global economy is therefore dependent on this dollar liquidity. Here's what's important ... Why QE Can't, Reason No. 1: Emerging Market's Share of Global Trade This chart from The Economist magazine forecasts emerging markets' growing share of world GDP. At roughly 40% or so now, emerging markets' share of global trade