The funny thing about that Large Scale Asset Program (‘QE’) is that if you think about it, it was a dry-run of a not-too-distant, completely-accepted-by-mainstream, full-blown modern monetary theory (MMT). During those years, one arm of the federal gov’t was selling $2.4T of so-called debt (as it it still known by those using not-so-modern monetary ‘mentality’ from a bygone gold-standard era) and another arm of the federal gov’t was buying it back. $2.4T of that federal gov’t deficit spending, usually ‘funded’ by bond sales, was *literally* not funded by bond sales. In other words, rather than going through the outdated, unnecessary and idiosyncratic modern monetary ‘formality’ of that $2.4T of federal gov’t deficit spending being ‘bond-financed’, every single penny of that $2.4T of deficit spending was just simply ‘cash-financed’ (it was ‘Pure’ MMT).
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