Question: When was quantitative easing started by the organization setting monetary policy for the country considered its most reliable partner in the Middle East by Israel?

full_context: Document 1: Federal Reserve: The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed Board of Governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, oversee the privately owned U.S. member banks. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region, which entitles them to elect some of their board members. The Federal Open Market Committee (FOMC) sets monetary policy; it consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time: the president of the New York Fed and four others who rotate through one - year terms. There are also various advisory councils. Thus, the Federal Reserve System has both public and private components. The structure is considered unique among central banks. It is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.
Document 2: Israel: Germany's strong ties with Israel include cooperation on scientific and educational endeavors and the two states remain strong economic and military partners. Under the reparations agreement, by 2007[update] Germany had paid 25 billion euros in reparations to the Israeli state and individual Israeli Holocaust survivors. The UK has kept full diplomatic relations with Israel since its formation having had two visits from heads of state in 2007. The UK is seen as having a "natural" relationship with Israel on account of the British Mandate for Palestine. Relations between the two countries were also made stronger by former prime minister Tony Blair's efforts for a two state resolution. Israel is included in the European Union's European Neighbourhood Policy (ENP), which aims at bringing the EU and its neighbours closer.
Document 3: Israel: Although Turkey and Israel did not establish full diplomatic relations until 1991, Turkey has cooperated with the State since its recognition of Israel in 1949. Turkey's ties to the other Muslim-majority nations in the region have at times resulted in pressure from Arab and Muslim states to temper its relationship with Israel. Relations between Turkey and Israel took a downturn after the 2008–09 Gaza War and Israel's raid of the Gaza flotilla. IHH, which organized the flotilla, is a Turkish charity that has been challenged on ties to Hamas and Al-Qaeda. Relations between Israel and Greece have improved since 1995 due to the decline of Israeli-Turkish relations. The two countries have a defense cooperation agreement and in 2010, the Israeli Air Force hosted Greece’s Hellenic Air Force in a joint exercise at the Uvda base. Israel is the second largest importer of Greek products in the Middle East. The joint Cyprus-Israel oil and gas explorations centered on the Leviathan gas field are an important factor for Greece, given its strong links with Cyprus. Cooperation in the world's longest sub-sea electric power cable, the EuroAsia Interconnector, has strengthened relations between Cyprus and Israel.
Document 4: Israel: The United States and the Soviet Union were the first two countries to recognize the State of Israel, having declared recognition roughly simultaneously. The United States regards Israel as its "most reliable partner in the Middle East," based on "common democratic values, religious affinities, and security interests". Their bilateral relations are multidimensional and the United States is the principal proponent of the Arab-Israeli peace process. The United States and Israeli views differ on some issues, such as the Golan Heights, Jerusalem, and settlements. The United States has provided $68 billion in military assistance and $32 billion in grants to Israel since 1967, under the Foreign Assistance Act (period beginning 1962), more than any other country for that period until 2003.
Document 5: Israel: Israel has one of the highest ratios of defense spending to GDP of all developed countries, only topped by Oman and Saudi Arabia. In 1984, for example, the country spent 24% of its GDP on defense. By 2006, that figure had dropped to 7.3%. Israel is one of the world's largest arms exporters, and was ranked fourth in the world for weapons exports in 2007. The majority of Israel's arms exports are unreported for security reasons. Since 1967, the United States has been a particularly notable foreign contributor of military aid to Israel: the US is expected to provide the country with $3.15 billion per year from 2013 to 2018. Israel is consistently rated low in the Global Peace Index, ranking 148th out of 162 nations for peacefulness in 2015.
Document 6: Monetary policy of the United States: Though the Federal Reserve authorizes and distributes the currency printed by the Treasury (the primary component of the narrow monetary base), the broad money supply is primarily created by commercial banks through the money multiplier mechanism. One textbook summarizes the process as follows:
Document 7: Great Depression: The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, originating in the United States. The timing of the Great Depression varied across nations; in most countries it started in 1929 and lasted until 1941. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.
Document 8: United States dollar: The monetary base consists of coins and Federal Reserve Notes in circulation outside the Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. The adjusted monetary base has increased from approximately 400 billion dollars in 1994, to 800 billion in 2005, and over 3000 billion in 2013. The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve System. Eight times a year, the 12-person Federal Open Market Committee meet to determine U.S. monetary policy. Every business day, the Federal Reserve System engages in Open market operations to carry out that monetary policy. If the Federal Reserve desires to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. Conversely, it will sell securities to the banks in exchange for dollars, to take dollars out of circulation.
Document 9: Federal Reserve: The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
Document 10: 51st state: Several websites assert that Israel is the 51st state due to the annual funding and defense support it receives from the United States. An example of this concept can be found in 2003 when Martine Rothblatt published a book called Two Stars for Peace that argued for the addition of Israel and the Palestinian territories surrounding it as the 51st state in the Union. The American State of Canaan, is a book published by Prof. Alfred de Grazia, political science and sociologist, in March 2009, proposing the creation of the 51st and 52nd states from Israel and the Palestinian territories.
Document 11: Monetary policy of the United States: Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply. For example, in the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short - term interest rates.
Document 12: Federal Reserve: Although an instrument of the U.S. Government, the Federal Reserve System considers itself ``an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. ''The federal government sets the salaries of the board's seven governors. The federal government receives all the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained. In 2015, the Federal Reserve made a profit of $100.2 billion and transferred $97.7 billion to the U.S. Treasury.
Document 13: United States dollar: The value of the U.S. dollar declined significantly during wartime, especially during the American Civil War, World War I, and World War II. The Federal Reserve, which was established in 1913, was designed to furnish an "elastic" currency subject to "substantial changes of quantity over short periods", which differed significantly from previous forms of high-powered money such as gold, national bank notes, and silver coins. Over the very long run, the prior gold standard kept prices stable—for instance, the price level and the value of the U.S. dollar in 1914 was not very different from the price level in the 1880s. The Federal Reserve initially succeeded in maintaining the value of the U.S. dollar and price stability, reversing the inflation caused by the First World War and stabilizing the value of the dollar during the 1920s, before presiding over a 30% deflation in U.S. prices in the 1930s.
Document 14: Quantitative easing: The US Federal Reserve belatedly implemented policies similar to the current quantitative easing during the Great Depression of the 1930s. Specifically, banks' excess reserves exceeded 6 percent in 1940, whereas they vanished during the entire postwar period until 2008. Despite this fact, many commentators called the scope of the Federal Reserve quantitative easing program after the 2008 crisis ``unprecedented ''.
Document 15: Federal Reserve: The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
ground_truth: during the Great Depression of the 1930s
sub_queries: Who regards Israel as it's most reliable partner in the Middle East? Answer: The United States
which organization sets monetary policy for The United States Answer: the Federal Reserve
when did the Federal Reserve start quantitative easing Answer: during the Great Depression of the 1930s