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Goldman Sachs is one of the NY Fed's Primary Dealers, and ALL of the money goes into the hands of the PDs Goldman Sachs, supposedly serving as a proxy buyer for the Fed, then uses the money the Fed created out of thin air, to rid the Wall Street banks, both foreign and domestic, of their hardest to get rid of Treasuries and mortgage backed securities. That paper goes from being Wall Street bank liabilities to US taxpayer liabilities. Phillip's explanation is just more Goldman Sachs obfuscation.
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