May not add to the money supply but seems to be finding its way to the stock market and if that is not inflated considering the economy as it is not sure what is.
"If the money to boost stock prices by almost $9 trillion from the March 2009 lows did not come from the traditional players, it had to have come from somewhere else. We believe that place is the Fed...
http://www.zerohedge.com/article/trimtabs-no-amount-qe-will-be-able-keep-current-stock-market-bubble-bursting-eventually
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