The US Federal Reserve has added more than $2 trillion to the base money supply since 2008 – an incredible and unprecedented number that is basically a gift to banks intended to cover their deep losses and spur lending and investment. Instead, as banks continue their enormous deleveraging, almost all of their new money remains at the Fed in the form of excess reserves.
自2008年以来，美联储已经增加了超过2万亿美元的基础货币供应，这是前所未有的不可思议的巨额数字，实际上无异于给银行的大礼包，让它们覆盖巨额亏损、刺激借贷和投资。然而，由于银行仍处于去杠杆化阶段，这些新增货币几乎全部被用作超额储备存在美联储那里。