I think what he was actually getting at is the Discount Window. These are often very short term loans, perhaps a matter of minutes, made to cover a short term l

I think what he was actually getting at is the Discount Window. These are often very short term loans, perhaps a matter of minutes, made to cover a short term liquidity drop. If you add it all up over a year, it could very well add up to several trillions without adding those trillions to the GDP. It all gets paid back with interest, though. None of this is anything new.