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thats where the similarity ends. buying gilts (not selling) helps the banks shore up their balance sheets and encourages them to seek investment elsewhere in the economy in order to make a bit of profit, so indirectly increases money supply in the wider economy. hence lack of inflation...

people need to understand that QE is not the same as printing money. QE is a quite sophisticated financial arrangement to indirectly pump money into the economy that is reversible. it has partially worked (it hasn't had as much impact as desired) without causing inflation because of this...