Are you saying that the Fed did not show restraint and was unchecked in its money creation? Congress could have taxed that money out of existence if it thought the money supply was growing too fast. You failed to mention fiscal policy as a source for the creation of money. The treasury can issue bonds to the limit of what the market will bear or they can destroy money by call in bonds or raising taxes and not issuing new bonds. I think congresses inability to deal with the money supply due to complicated electoral politics is what cause the Fed to implement QE. I think the Fed would have preferred Congress provide greater fiscal stimulus, so the Fed did not have to resort to QE monetary stimulus. Congress could have and did to a small degree send checks to the poor and middle class and that stimulus would have been more effective than the cumbersome QE tool the Fed had to resort to. QE did not trickle down very well but helicopter money would have gone straight to the need.

TEK