经济衰退导致美元流速在下降，而美联储并没有制造大量“货币”，只是将银行部分负债货币化（Monetizing the debt）。即银行将部分负债向美联储换成国库券，并向市场抛售换取现金，以应付客户提款。
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Minting a platinum coin sufficient to pay off the deficit is what is traditionally known as monetizing the debt.
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The Fed doesn't have an unlimited capacity because when it buys the debt what it's doing is monetizing the debt.
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If not sterilized, thus neutralizing the impact of the purchases on the money supply, the Fed would be monetizing the debt and a pickup in inflation would be the likely outcome.
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