Fed Balance Sheet Hit 2.2 Trillion A Few Weeks Ago

Looking at the pretty chart, over half of these 'assets' are MBS purchases - in other words, mortgage backed securities not dissimilar from those which precipitated the beginnings of the financial crash. They are garbage if sold on the open market now; the Fed will hold them until they can be sold for something.

While the wall of de facto money printing is being sucked up in the West to pay down debt, it is inevitably going to cause bubbles in the developing world.