The QE increase to $9.5T is demonstrative of the structure of the fractional reserve banking system in the USA. This is what "fractional reserve" means: If a bank loans someone $10,000 and that person buy something with, then the $10,000 gets deposited at another bank. By the 10:9 fractional reserve rule, when that bank receives $10,000 in deposits, it can conjure and loan out $9,000. When that money gets deposited at another bank, it can loan out $8,100, and it keeps going on 10:9 so that a $10,000 loan actually turns into about $100,000 worth of loans for the banks to collect interest on. This is one reason why "credit expansion" is so important for the USA economy. Not only that, but the original $10,000 was already fake money which had been conjured from some previous $11k loan, and the whole shell game has nothing but faith in the USA Federal Reserve at its core. This video
>https://www.youtube.com/watch?v=4AC6RSau7r8explains it a lot better than I do and even I am not quite sure where the initial amount of "real money" came from or even what it is.
Anyways... note that the $4.5T on the Fed's existing $5T of QE is exactly in the 10:9 fractional reserve ratio. This means that the Congress allowed the Fed to write a check to itself for the whole $5T of its QE and then use that to create $4.5T in fake money with the 10:9 rule, but then the Congress gave the Fed a waiver on having to clear that $5T check with itself. That is very important because the $5T was almost tapped out already right when Congress said they could write that check to themselves and use it as deposit collateral without actually having to clear the check.
Sometimes they say they real purpose of 9/11 was for the Fed to wave its hands regarding some bond clearance issues since by imposing "special emergency bond clearance" guidelines for a few weeks after 9/11. 9/11 may or may not have been more complicated than that, but the point of COVID was definitely QE.
