Federal Reserve QE for dummies

[Amati75]

Leggendo un articolo su Bllomberg, e leggendo i commenti, ho trovato questo, fatto molto bene e molto chiaro, chiamiamolo " FED: QE SPIEGATO" or : FED's QE for dummies"


The Federal Reserve version of QE had nothing whatsoever to do with markets, the US economy, or so-called "EMs" at all. Nothing, nada, zip, nil, zilch.
The Federal Reserve DOES NOT PROVIDE ANY MONEY TO BANKS TO LEND TO ANYONE. Banks can only borrow money from the Federal Reserve for VERY SHORT TERM LIQUIDITY PURPOSES through the Federal Discount Window at the Federal iscount rate of 0.75% which is 3 times the Federal Funds Rates that the Federal Reserve sets for banks to borrow from each other.
The Federal Reserve DID NOT GIVE A SINGLE PENNY TO BANKS WITH QE, but rather purchased existing securities owned by those banks which meant that those banks who sold those securities to the Federal Reserve HAD NO NET GAINS WHATSOEVER with those QE transactions.
FEDERAL RESERVE VERSION OF QE EXPLAINED:
1) Federal Reserve buys securities from banks
2) Federal Reserve deposits cash proceeds in excess reserves accounts of those banks at the Federal Reserve
3) Securities stay parked on assets side of Federal Reserve GL
4) Proceeds funds stay parked on liabilities side of Federal Reserve GL in the excess reserves accounts of the banks at the Federal Reserve
The process is an ENTIRELY CLOSED LOOP just as if it were done inside a VACUUM.
FRB: H.8 Release--Assets and Liabilities of Commercial Banks in the United States--December 12, 2014

FRB: Fed financial statements - Credit and Liquidity Programs and the Balance Sheet

How many times does this have to be stated before it actually sinks in, folks?
The QE funds are sitting parked in the excess reserves accounts of the banks and none of them ever got into the economy at all as is clearly established by the evidence on that matter. The total amounts in those excess reserves accounts now exceeds $2.5 trillion.
EXCESS RESERVES ACCOUNTS OF BANKS TOP $2.5 TRILLION - WSJ
So what exactly are excess reserves, and why should you care? Like most central banks, the Fed requires banks to hold reserves—mainly deposits in their "checking accounts" at the Fed—against transactions deposits. Any reserves held over and above these requirements are called excess reserves.
Not long ago—say, until Lehman Brothers failed in September 2008—banks held virtually no excess reserves because idle cash earned them nothing. But today they hold a whopping $2.5 trillion in excess reserves, on which the Fed pays them an interest rate of 25 basis points—for an annual total of about $6.25 billion. That 25 basis points, what the Fed calls the IOER (interest on excess reserves), is the issue.
Alan Blinder: The Fed Plan to Revive High-Powered Money - WSJ

Hedge Fund Manager Who Remembers 1998 Rout Says Prepare for Pain - Bloomberg

[Razionalista]

In pratica li tengono nel forziere e fanno uscire solo i capitali al costo di finanziamento "cappato"

Ovvio che così gli effetti sono limitati ma la creazione di denaro c'è stata.

[Razionalista]

Tra l'altro Draghi ha fatto una mossa simile.

[Asolo71]

Ma il QE mica è stato fatto per far ripartire gli USA. E' stato fatto solo per togliere agli amici montagne di titoli marci che avevano in casa e salvarli.
L'ecomia USA non sono i giochetti interessati dei geni della FED. Sono la libertà, la tecnologia, le università, il rischio personale unito alla possibilità di intraprendere e di guadagnare per sé, sempre nuove iniziative come lo shale, ecc. (IMO)