heard of febrero and he's wrong. so is mehrling, on many things. and wray makes my point. you can put anything you want on wikipedia. it's not an authority on anything. the fact that you use it as such shows your level of scholarship. all currencies that had runaway inflation had extremely large amounts of bank debt that clearly didn't give the currency value or stop 'inflation.' and they all issued govt bonds which also necessarily did nothing to reduce aggregate demand. Treasury secs serve to 'offset operating factors' at the fed and don't alter net financial assets (monetary aggregate). This is a matter of accounting, an identity. read 'soft currency economics' Japan had the world's largest 'quantitative easing' policy that resulted in maybe 30T yen in excess reserves which did nothing for lending or the economy or in any way alter the price level or weaken the currency. All fed research shows QE does nothing apart from adjusting the term structure of rate including the latest paper by Seth Carpenter on this website. There is no quantity channel. tsy secs do alter the term structure of rates. The question is whether the term structure of rates alters the level of the currency. The bank of england's research concluded the evidence is inconclusive not long ago. Same with all central bank research on the subject. It is interesting to me that in a firestorm of replies to my question none answer it: what is the evidence for the assertion that