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I've made a living out of exposing economic fallacies by illuminating them with the spotlight of truth. One of the major fallacies rummaging around Wall Street today is that the increase in the monetary base and the Fed's balance sheet has not had an inflationary impact on our economy. Their belief goes something like this; "The money the Fed has created and dropped from helicopters has all been caught in the trees." In other words, the Fed can create money but it is just held as excess reserves and isn't loaned out by the banking system to the public. Therefore, money supply doesn't increase, there is no money multiplier effect and aggregate price levels behave themselves.
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