Comment: Yes and no.

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Yes and no.

Velocity of money, yes, if SPENT. However, if it's to retire debt, since debt is money under our FIAT currency (lent into existance) system, retiring debt would be DEFLATIONARY in nature (under the current monetary system.)

Hence, it would balance out.

When the Fed "QE"s the banks, that's all the banks are doing. They sure as h*ll are not lending the majority of those trillions into the economy. They are paying off their bad debts.