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Central Banks and Quantitative Easing
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In the context of the US, it means the federal reserve (which isn't even the US government) is purchasing a ton of Treasury securities from it's member banks, which are now flushed with excess cash that they can use to lend and profit from. This lending is what actually injects money into the economy. If the banks lend a lot of it out, this in turn will start driving down interest rates, which in turn causes a ripple effect across the economy.
Notice that I said "can". If the banks don't actually lend out any money to people and businesses, then no money is actually created and interest rates won't go down. If you don't think that's possible then read about Japan's lost decade and zombie banks.
"Which private hands are receiving it? Do they get it for free?"
The federal reserve buys directly from its banks (with some exceptions). It doesn't buy Treasury securities from the federal government/Treasury. This is in accordance to federal reserve act (https://www.federalreserve.gov/faqs/money_12851.htm)
The federal reserve will credit the money to its member banks out of thin air/electronically. They don't print physical money.
These banks don't get the money for free. They have to have the Treasury securities to sell to the federal reserve.
Where you can learn about all this? This is a macroeconomics subject matter. In college, it's usually the third econ course that business and econ majors take. Usually the title of the course is "Money and Banking". If you really want to get into the practice of it, then many universities offer a course called "Central Banking"; warning: you have to be really into ECON and this is an advance level course...
You can also try this course on Udemy about central banking. It's probably not as advance as the university level course, but maybe it's good enough - https://www.udemy.com/course/central-banks-and-quantitative-...
⬐ neilwilson"which are now flushed with excess cash that they can use to lend and profit from"
That isn't true. In fact holding the cash in the USA prevents banks from doing lending due to the liquidity ratio requirements. Other nations don't include cash in that ratio. The US does.
Banks never lend money on. They just create it.⬐ yosefjaved1Would you further explain what you mean by it not being true? I don't understand how banks not lending the money isn't considered cash creation.
I know that US banks have reserve requirements, but that doesn't mean they don't lend any money out.