> The Fed does not hold equity (stock) Thanks for pointing out this error. I thought the Fed had been buying stock as part of their recent expansion, but check

> The Fed does not hold equity (stock) Thanks for pointing out this error. I thought the Fed had been buying stock as part of their recent expansion, but checking their balance sheet https://www.federalreserve.gov/releases/h41/current/h41.htm https://www.federalreserve.gov/releases/h41/current/h41.htm I see that you're right. > Lots of money is created by regular banks lending out deposits I was only counting Federal Reserve accounts and printed money as dollars. Dollar-denominated accounts at regular banks have value because of the assets held by those banks.