Scott Pelley of NBC ’60 Minutes’: Fair to say you simply flooded the system with money?
Fed Chair Jerome Powell: Yes. We did.
That’s another way to think about it. We did.
Pelley: Where does it come from?
Do you just print it?
Powell: We print it digitally. So as a central bank, we have the ability to create money digitally. And we do that
by buying Treasury Bills or bonds for other government guaranteed securities. And that actually increases the money supply. We also print actual currency and we distribute that through the Federal Reserve banks.
~ CNBC ’60 Minutes’ Interview, May 17, 2020
Two months after the onset of the C*vid-19 lockdown
There’s really no limit to what we can do with these lending programs that we have.
~ Fed Chair Jerome Powell
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