The banking system was creating money in various forms outside of QE. That was just a well known mechanism. The main way it's created is through loans, many of

The banking system was creating money in various forms outside of QE. That was just a well known mechanism. The main way it's created is through loans, many of which end up in housing. And rampant speculation on apparently ever-rising house prices is where the financial crisis started. Ripples expanding ever outwards ...