QE Infinity just keeps on trucking, I guess that’s the point.
Last moth the Fed injected almost $240 billion into European banks to keep them more or less steady. That money came from where? Nowhere. Ben Bernanke conjured it and the Fed deposited it.
This is our economy today. A figment of imagination in a slowly collapsing fiat black hole.
Another way of showing what has happened: in the past 4 weeks, the Fed has injected a record $237 billion of cash into foreign banks with access to the Fed’s excess reserves: a number greater than both the cash influx surge seen after the Lehman collapse, and faster and more acute than the massive build up of cash during the spring and summer of 2011 when all the Fed’s brand new QE2 cash was once again, solely used to overfund European bank cash.