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I have tried to discuss this in Business Finance and Investing but discussion goes like this:

Me: Hmm is this wise, is fiat money broken?
BFI Forum : Shut up you crazy fool, the FED = Gods gift to social organisation to question this is madness.

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I should start a thread in EDF and invite the BFI guys. We'd give the Brandi thread a run for its money.
Also, who exactly is getting all this money? Why is this necessary?

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Banks can borrow at the Fed discount window and they typically do this as a last resort for many reasons. The demand for the money was so high that the Fed funds rate was push way above it's target rate. Injecting more liquidity into the system has helped ease the demand for money from the banks.