Warren Mosler -- Banks do not wait for new reserves to grant credit. What they are looking for are creditworthy borrowers.
Quantitative easing is an essentially useless channel. It assumes that credit is supply-constrained. It assumes that banks will grant more loans because they have more settlement balances.

Full Show at:
MMT's Warren Mosler on Why the Fed Isn't Printing:
http://www.youtube.com/watch?v=0B9C8RARSUc

The Prime Interest, Jul 15, 2013
http://www.youtube.com/user/theprimeinterest/

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"Quantitative easing"
by Warren Mosler, Jul 24, 2009
http://moslereconomics.com/2009/07/24/quantitative-easing/

QE happened because the elite doesn't understand Keynes or Modern Monetary Theory
by Ralph Musgrave, July 17, 2013
http://ralphanomics.blogspot.ch/2013/07/qe-happened-because-elite-doesnt.html