主题：【原创】英国的煤炭历史（读书笔记）（0）引子 -- PBS

1.

"纸币本身并非就一定是信用货币——衡量信用的货币的关键标准是信用。

市场经济对货币的需求，不可能是事先乃至事后来计算，而是几乎实时的直接反应在每一次每一笔的经济活动与交易上，交易和经济活动的实质就是经过金融机构背书的债务、信贷、信用，来进行货币扩张。

所以真正意义上的现代信用货币并非纸币，而叫“银行券”。只有具备了通过央行以利率和准备金调整总体宏观信贷总量的能力，那个货币才能称为信用货币"

2.

the myth about US Fed qe=货币印出来

in reality, fed qe=fed balance sheet expands= composition of the "wells fargo" balance sheets, exchanging bonds for reserves=wells fargo has more reserves with interest on those reserves earned from fed, its use are "restricted", and "wells fargo" can not "lend out" reserves= no money printing (yes, a little leaking some where), qe=low yield, higher asset prices, not necessarily 恶性通胀.