нет более ложного утверждения. Посмотрите на М2. Из отчета Хаузингтона. 

"“The Federal Reserve is printing money”.  No statement could be less truthful. The Federal  Reserve (Fed) is not, and has not been, “printing  money” as defined as an acceleration in M2 or  money supply. Just check the facts. For the first  quarter of 2013 the Fed purchased $277.5 billion in  securities (net) as their security portfolio expanded  from $2.660 trillion to $2.937 trillion. A review  of post-war economic history would lead to a logical assumption that the money supply (M2)  would respond upward to this massive infusion  of reserves into the banking system. The reality is just the opposite. The last week of December,  2012 showed M2 at $10.505 trillion, but at the  end of March, 2013 it totaled only $10.450 trillion  which was an unexpected decline of $55 billion. Printing money? No."

Весь отчет здесь http://www.hoisingtonmgt.com/pdf/HIM2013Q1NP.pdf