A lot of that injection ends up in the Eurodollar system, a reference to US dollars outside of the control of the U.S. They estimate up to 70 percent of U.S.

A lot of that injection ends up in the Eurodollar system, a reference to US dollars outside of the control of the U.S. They estimate up to 70 percent of U.S. dollar volume is in Eurodollars. There's a fascinating PDF from 2020 from Rabobank research desk on the topic. I have it on my system but they took down the link to it. Money's never printed anyway, it's all accounting - it starts with treasuries, and then those become collateral on which the highly complicated financial system on the world chains one debt instrument to another.