> (That was a silent tax on anyone holding cash.) Not really, because... > To inject this money into the economy, they bought a bunch of securities. Trading

> (That was a silent tax on anyone holding cash.) Not really, because... > To inject this money into the economy, they bought a bunch of securities. Trading one financial asset for another is not the same thing as handing out cash for nothing. Unless you want to make the case that a torrent of spending was being frustrated by being stuck in illiquid assets (and has subsequently materialized but has not been reflected in official statistics).