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It doesn't create any new wealth, it's only paper after all, but it does steal wealth from everybody's savings by devaluating all existing currency.
And the new paper can then be lent out to create jobs etc (even though it's all borrowed money that will have to be paid back with interest).
The Fed creates money out of thin air like that all the time.
But when they do it on such a massive scale that it generates visible affects immediately they call it Quantitative Easing.
And that's how they were able to create the pretense of a slight economic recovery in the last couple of months of Obama's term.
They just printed up a lot of new monopoly money and injected it the to the economic corpse.
It can't possibly bring it back to life. In fact it speeds up its death, but it keeps the cadaver twitching long enough to sway the election.
The fed not only dumped $85 billion in new monopoly money into the economy, they intend to continue dumping $45 each month indefinitely.
We are seeing the beginning of hyper-inflation.
We'll all be millionaires soon.
Better buy a wheelbarrow to carry your money in now,
before the price goes up.