Comment: I think this article I wrote

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I think this article I wrote

I think this article I wrote a few years ago may answer your question to a certain extent: http://www.yaliberty.org/posts/expansion-of-the-money-supply

Please keep in mind that some of the things I wrote in the article are only for explanatory purposes (the banking system does not operate in the reserve requirement fashion anymore, Steve Keen has pointed this out repeatedly over the past several years).

I will go ahead and say that these programs basically amount to a stealth recapitalization of the banks.