谁在为美联储买单？空手套白狼造万亿，新兴市场沦为“接盘侠”

Group 1 - The core concept of the article revolves around the Federal Reserve's ability to "print money" without physical cash, using digital methods to inject liquidity into the economy by purchasing U.S. Treasury bonds and mortgage-backed securities [4][6] - The process involves the Federal Reserve crediting commercial banks' accounts with "reserves," which enhances their lending capacity, leading to increased money supply in the market [6][8] - Historical instances of this practice include the 2008 financial crisis and the 2020 pandemic, where the Federal Reserve implemented quantitative easing (QE) to stabilize the economy by purchasing significant amounts of securities [10][12] Group 2 - The article discusses the consequences of excessive money printing, particularly the rise of inflation, which prompted the Federal Reserve to shift from quantitative easing to a balance sheet reduction strategy starting in 2022 [15][17] - By 2025, the Federal Reserve's balance sheet is projected to decrease from a peak of $9 trillion to $6.59 trillion, indicating a tightening of monetary policy [17] - A recent Federal Open Market Committee (FOMC) meeting revealed internal divisions within the Federal Reserve regarding interest rate adjustments, highlighting the challenges faced in managing monetary policy [19][22] Group 3 - The short-term effects of the Federal Reserve's actions included lower corporate financing costs and rising stock market indices, but long-term inflationary pressures began to emerge, with the Consumer Price Index (CPI) increasing significantly from 2020 to 2023 [26][28] - The article notes that while wealthy individuals benefited from rising asset prices, ordinary Americans faced higher living costs, exacerbating wealth inequality [31] - Other countries, particularly emerging markets, experienced negative impacts from the Federal Reserve's policies, leading to increased commodity prices and forcing them to raise interest rates to stabilize their currencies [33][36] Group 4 - The article contrasts the Federal Reserve's approach with that of the People's Bank of China, which uses bond purchases as a tool for precise monetary policy rather than indiscriminate liquidity injection [41] - The potential for a shift away from the dollar as the world's primary reserve currency raises questions about the sustainability of the Federal Reserve's money printing practices [46]