There’s an egregious misperception that QE is merely an “asset swap” with banks that simply creates reserves – that the Fed is not printing money with its QE operations. This view is seeded in ignorance about the monetary system as operated by the Central Banks, particularly the Fed. My good friend and colleague, John Titus, in a series of videos shows how, using the data and research papers freely available on the Fed’s website how the bank reserves leak (or have gushed) into the real economy, thereby creating spendable money from QE. Note: it is highly recommended that you watch the series of videos referenced in this video: