This is a chart of the adjusted US Monetary Base. It’s essentially a very simple means of charting how much money the US Federal Reserve is pumping into the system (on top of QE 2 which is providing another $100 billion in liquidity per month).
As you can see, starting in January 2011, the Fed left a paperweight on the “print” button. Since that time, it’s put $500 billion into the system. When you combine the $100 billion in liquidity provided by QE 2, we’re talking about $800-900 billion entering the financial system in 2011 alone.
There is only one period in which the Fed engaged in a similar amount of money pumps. And that was during the depth of the 2008 Crisis from October- December 2008.