Most of the $3.47 trillion in new money that the Fed has created since December 2008 did not find its way into the economy. Instead, 73%–$2.53 trillion– of the new money is sitting on the balance sheets of the big banks, earning interest being paid by the Fed in the banks’ Excess Reserves (free cash) account at the Fed.
http://www.paulcraigroberts.org/2014/06/04/interest-rate-puzzle-paul-craig-roberts-dave-kranzler/
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