Nah, QE is a truly dreadful policy but it has nothing to do with money creation, it's a simple asset swap. Don't believe me? No problem, check the WGA 2011-2012 ... no-one on here will.I think he follows some of the rant concerning QE
Nice video on this page stating that is is thought to have an effect but. It's a no choice when rates are low. Of late I think it is now regarded as a bad idea but if needs must.
Quantitative Easing (QE): What It Is and How It Works
Quantitative easing (QE) is a monetary policy by which central banks spur the economic activity of their nations by buying financial assets in the open market.www.investopedia.com
Now lets say the is X billion of QE. The only way it's effects on currency value is in relationship to the total ammount of the currency that is available. That is not the amount of actual paper money that is around. It will be rather a lot more. Why was it done - simple, banks had lost rather a lot of money. One way was oh lets back people who can't afford it and insure against losses and a number of bizarre deal. When rates went high in MrsT's time banks had also lost money. Maybe that could be an alternative. I knew some one who worked in a banks head office at the time and they said rates were bound to rise due to losses. There will probably have been other reasons.
Just print money. Another link. The FED is just like many other central banks
How Central Banks Can Increase or Decrease Money Supply
Central banks use various methods to change their nations’ money supplies, such as adjusting reserve balance requirements and certain interest rates they control.www.investopedia.com
People may remember reserve levels being mentioned in relationship to QE. It was to restore them. Money that had just gone, vaporised into thin air from losses. What they need to hold depends on risks with the area they are involved in.
What sets the value of a currency is what the money market is prepared to pay for it. QE infers there is a problem. What do you think that does to value? As many did the same thing not as much as some might expect.
The money market is more powerful than any goverment hence the end of govs trying to maintain a value as they used to do. They wiould buy themselves when it was falling or even declare lower value or even sell the dam things. That sort of control isn't on any more. This is what took us out of the ERM. Pass on why we were picked on but maybe others were more capable of maintaining a value. Ireland did.
The United Kingdom entered the ERM in October 1990, but was forced to exit the programme within two years after sterling came under major pressure from currency speculators.
Actually the UK had suffered from that problem in the past. Hence FIAT currencies. There is no real alternative these days and hasn't been for a long time now. They are worth what the market will pay.
Thes rest of it looks like you've spilled your scrabble game on the table.