QE

Overview

QE (Quantitative Easing) is a sealed-bid auction game set during the 2008 economic crisis. Players represent national central banks bidding to bail out companies that are “too big to fail.” Each turn, one player acts as Auctioneer and all players bid on a company tile. The highest bidder wins the company, but at the end of the game, the player who spent the most total money is eliminated. Among surviving players, the one with the most victory points wins. Players can bid any amount they want — there is no hand of money or spending limit — but overspending leads to elimination via hyperinflation.

Components

• 21 Company Tiles (each showing a nation, industry, and VP value)
• 5 Industry Tokens (Agriculture, Housing, Government, Finance, Manufacturing)
• 5 Bid Tiles (dry erase)
• 5 Player Score Boards (double-sided for different player counts, one per nation)
• 5 Dry Erase Markers
• 1 First Auctioneer Token
• 1 Rulebook

Nations

Each player represents one nation. The UK nation is only used in a 5-player game.

Industries

There are 5 industries: Agriculture, Housing, Government, Finance, Manufacturing. The Government industry token is only used in a 5-player game.

Setup

1. Assign nations: Give each player a Bid Tile and a Player Score Board of one nation, along with a Dry Erase Marker. Flip the Player Score Board to the correct side based on the number of players. (The UK is only used in a 5-player game.)

2. Deal Industry Tokens: Shuffle the Industry Tokens and deal one to each player. Players look at their Industry Token but keep it hidden from other players. (The Government token is only used in a 5-player game.)

3. Remove Company Tiles based on player count:
   • In a 3- or 4-player game, remove:
     • The 3 UK Company Tiles
     • The JP Government Tile
     • The CN Government Tile
     • This leaves 16 Company Tiles in play.
   • In a 5-player game, remove:
     • The 4 Company Tiles worth 1 VP
     • The JP Agriculture Tile
     • The CN Financial Tile
     • This leaves 15 Company Tiles in play.

4. Shuffle the remaining Company Tiles face down into one stack.

5. Determine first Auctioneer: The player who most recently visited a bank is the first Auctioneer and takes the First Auctioneer Token. This player keeps the token for the entire game — it is used only to remind players when a new round begins.

Turn Structure

There are 16 turns in a 3- or 4-player game and 15 turns in a 5-player game. Each turn, one Company Tile is auctioned. Each turn has 5 phases:

Phase 1: Opening Bid

The Auctioneer:

• Reveals the top Company Tile from the stack and places it face up on the table.
• Writes the amount they are willing to pay for the Company on their Bid Tile and places it face up in front of them.
• Must bid a positive, whole number (the Auctioneer cannot bid zero).

Phase 2: Secret Bids

All other players:

• Simultaneously write their bids for the Company on their Bid Tiles.
• Hand them to the Auctioneer without revealing them to other players.
• May bid any positive whole number, or zero, but may not bid the same amount as the Auctioneer.

Phase 3: Award the Company Tile

The Auctioneer:

• Examines all the Bid Tiles.
• Announces which player submitted the highest bid (the Auctioneer is eligible to win).
• Secretly writes the winning bid amount on the back of the Company Tile.
• Gives the Company Tile to the highest bidder, keeping the bid hidden, but leaving the tile face up for all to see.

If the Auctioneer made the highest bid, they must record the winning amount openly for all to see (not secretly).

Note: Players may always check the amounts on the back of their own previously-won Company Tiles.

Phase 4: Reveal Zero Bids and Record VP

(Skip this phase in a 3-player game.)

The Auctioneer reveals any zero bids. Players who bid zero:

• Receive 2 victory points (VP).
• Mark off the 2 VP space for their zero bid for this round.
• Each player may only score the 2 VP bonus for bidding zero once per round.

A “round” consists of all players being the Auctioneer one time. A new round begins each time the player with the First Auctioneer Token holds an auction.

Phase 5: End of the Sale

The Auctioneer:

• Gives the Bid Tiles back to their owners, who wipe them clean.
• The player to the left of the current Auctioneer becomes the next Auctioneer.
• Play continues with Phase 1 again, unless there are no more Company Tiles to be auctioned, in which case the game is over.

Actions

There is only one core action in QE: bidding. On each turn, every player writes a bid on their Bid Tile.

Bidding Rules

• Bids must be positive whole numbers, except non-Auctioneer players may also bid zero.
• The Auctioneer’s bid is always public (placed face up).
• Non-Auctioneer bids are secret (handed face-down to the Auctioneer).
• Non-Auctioneer players may not bid the same amount as the Auctioneer.
• There is no upper limit on bids — players can bid any amount they choose.
• The highest bidder wins the Company Tile.
• Winning bid amounts are secret (written on the back of the tile), except when the Auctioneer wins their own auction (recorded openly).

Scoring / Victory Conditions

When all Company Tiles have been awarded, the game ends. Calculate VP in the following order:

1. Total Spent (Elimination Check)

Players add up the values on the back of their Company Tiles to calculate their total spent. The player who spent the most is eliminated (ties eliminate all tied players).

The player who spent the least scores bonus VP based on player count. In case of a tie for least spent, all tied players score full points:

Player Count	Bonus VP for Least Spent
3-4 players	7 VP
5 players	6 VP

2. Companies

Add together all VP shown on the faces of your Company Tiles.

3. Zero Bids

2 VP for each zero bid scored during the game (max 1 per round).

4. Nationalization

For each of your Company Tiles that matches your nation, you score:

Player Count	1 Match	2 Matches	3 Matches	4 Matches
3-4 players	1 VP	3 VP	6 VP	10 VP
5 players	3 VP	6 VP	10 VP	—

5. Monopolization

For each industry, score based on the number of Companies you own in that industry:

Player Count	1 Company	2 Companies	3 Companies	4 Companies
3-4 players	—	3 VP	6 VP	10 VP
5 players	—	6 VP	10 VP	16 VP

Note: Your Company Tiles and your face-down Industry Token are both included when scoring this category. You may score in multiple industry types.

6. Diversification

For each set of Companies containing only unique industries, you score:

Player Count	3 Different	4 Different	5 Different
3-4 players	4 VP	8 VP	—
5 players	8 VP	12 VP	17 VP

Note: Your Company Tiles and your face-down Industry Token are both included when scoring this category. You may score multiple times using multiple sets.

7. Subtotal

Add all victory points earned from categories 2-6.

8. Grand Total

Add the least-spent bonus VP (if applicable, from step 1) to the subtotal.

Winner

The player with the most points wins (among players not eliminated). In case of a tie, the tied player who spent the least total money wins.

Scoring Notes

• All of your Company Tiles and your Industry Token count independently for each individual scoring category.
• Every tile may be used in every category, but only once within each category.
• Use your Player Score Board to help calculate your score.
• It helps to mark the tiles you collect on your Player Score Board during the course of play.

Special Rules & Edge Cases

Tied Auction

If there is a tie for the highest bid, all players tied for the highest bid rebid. Rebids follow the normal rules and do not have to be higher than the first bid. All bids are then re-evaluated. If there is a tie 3 times in a row, the highest bid that is not tied wins.

3-Player Last Tile Rule

In order for all players to get equal turns as the Auctioneer, there is no Auctioneer on the last turn of a 3-player game. All three players make a secret bid. The highest bid wins as normal. In case of a tie, no one gets the Company.

5-Player One Peek Rule

In a 5-player game, players don’t get as many chances to be the Auctioneer and see the winning bid. So, each player may, once per game, request to see the winning bid of an auction. Then they cross off their “See the winning bid” spot on their Player Score Board.

Zero Bid VP (3-Player Exception)

Phase 4 (Reveal zero bids and record VP) is skipped in a 3-player game. Zero bids do not score VP in 3-player games.

Auctioneer Winning Their Own Auction

When the Auctioneer wins the auction, their winning bid amount is recorded openly (not secretly). This is the penalty for the Auctioneer winning — all players get to see how much they spent.

Industry Token Scoring

Your hidden Industry Token counts as a company of that industry for both Monopolization and Diversification scoring. It does not count for Nationalization or Companies (face value VP).

Elimination Ties

If multiple players are tied for the most money spent, all tied players are eliminated.

Least Spent Ties

If multiple players are tied for the least money spent, all tied players receive the full VP bonus (7 VP in 3-4 players, 6 VP in 5 players).

Player Reference

Turn Phases

1. Opening Bid — Auctioneer reveals tile, bids publicly (must be positive whole number)
2. Secret Bids — Other players bid secretly (positive whole number or zero, cannot match Auctioneer)
3. Award Company — Highest bidder wins; bid recorded secretly on tile back (openly if Auctioneer wins)
4. Zero Bid VP — Reveal zeros, score 2 VP each (max 1/round; skip in 3-player)
5. End of Sale — Return bid tiles, next player becomes Auctioneer

Scoring Summary (3-4 Players)

| Category | Scoring | |—|—| | Elimination | Highest spender is eliminated | | Least Spent Bonus | 7 VP | | Companies | Face value VP on tiles | | Zero Bids | 2 VP per round (max 1/round) | | Nationalization | 1 / 3 / 6 / 10 VP for 1 / 2 / 3 / 4 matching nation | | Monopolization | 3 / 6 / 10 VP for 2 / 3 / 4 in same industry | | Diversification | 4 / 8 VP for 3 / 4 different industries |

Scoring Summary (5 Players)

| Category | Scoring | |—|—| | Elimination | Highest spender is eliminated | | Least Spent Bonus | 6 VP | | Companies | Face value VP on tiles | | Zero Bids | 2 VP per round (max 1/round) | | Nationalization | 3 / 6 / 10 VP for 1 / 2 / 3 matching nation | | Monopolization | 6 / 10 / 16 VP for 2 / 3 / 4 in same industry | | Diversification | 8 / 12 / 17 VP for 3 / 4 / 5 different industries |

Key Numbers

• 3-4 player game: 16 Company Tiles, 16 turns
• 5 player game: 15 Company Tiles, 15 turns
• Elimination: Highest total spender (ties eliminate all)
• Least spent bonus: 7 VP (3-4 players) / 6 VP (5 players)
• Zero bid VP: 2 VP per round (max 1 per round, not scored in 3-player)
• Industries: Agriculture, Housing, Government, Finance, Manufacturing
• Tied auction: Rebid up to 3 times, then highest non-tied bid wins