Well, yes. Since Fed is not making pizzas and margaritas, it can only swap one asset for another, it can't mix you a decent margarita. And if Fed will go out a

Well, yes. Since Fed is not making pizzas and margaritas, it can only swap one asset for another, it can't mix you a decent margarita. And if Fed will go out and just buy the whole outstanding float of GOOG, AAPL, TSLA, FB and NFLX with freshly minted money, it would be, bingo, "swap of one asset for another". Don't you think that asset swap like that will somehow affect the general economy? EDIT: damn, let's go _really_ extreme. Fed can basically swap all the government debt with dollars. All the 21 trillion of it, in a single asset swap. Click-click and boom, USA is debt free, no more interest payments, hooray. Dont you think such swap will have some real-life repercussions? If it will, how it's different from QE?