Well expanding the money supply devalues the currency, and lowers the value of savings when compared to other currencies, or gold or whatever. That is an inflat

Well expanding the money supply devalues the currency, and lowers the value of savings when compared to other currencies, or gold or whatever. That is an inflationary factor as you say. The banking system nonetheless had their trading position improved by receipt of new money, and from a money supply point of view, it's an asset swap. The argument was that it's better to take from the savings pool to avoid a plummeting currency.