To broadly simplify: Buying treasuries = the Fed giving money to the US government Quantitative easing = the Fed giving money to banks In the case of the US,

To broadly simplify: Buying treasuries = the Fed giving money to the US government Quantitative easing = the Fed giving money to banks In the case of the US, the entire game is also complicated by the fact that the US dollar has insinuated itself into the global economy. Most critically in oil markets. Because of this, there are some things the Fed can do (mostly) without the consequences other countries would face.