På engelska den här gången:
Since 2008 when the Fed started to use their printing press to buy worthless assets from the banks at fantasy prices in order to clean their balance sheets the monetary base (wich consists of physical cash and reserve money at accounts at the Fed) started to explode.
At the same time as the Fed started to print money back in 2008 they started to pay the banks 0,25%/year on money held as so called excess reserves at the Fed. This is the first time ever banks have been able to earn money on deposits at the Fed. The majority of the money created from this program could therefore be held risk-free and still earn interest. Today the big banks who go bailed out earn billions every year just by holding excess reserves.
Banks now hold $2,5 trillion wich is massive. In ‘normal’ times (before 2008) banks never held any excess reserves at all:
The Result: The majority of all the money created by the Fed is still parked as excess reserves wich means they are not used in the real economy, therefore, they are of course not causing any inflation. Inflation will only come once the banks starts to expand the active part of the money supply by creating credit.
Now to the point: What happens if those are turned into required reserves, how much money can the banks create from a reserve requirement perspective?
The reserve requirements have fluctuated between 1% and 3% since 2012 accordring to the Fed (source) and that tells how much money banks are able to create with current excess reserves. With a 1-3% reserve requirement and 2,5 trillion in excess reserves ready to be turned into requireed you can see that the ability to create new money is massive to say the least. It has the ability to expand the money supply several hundred times.
This is the reason why the Philadelphia Federal Reserve President Charles Plosser last week warned about ‘rapid inflation‘ if ‘banks start lending‘ (source). Of course inflation is a threat when you give trillions to the banks, the only reason why we have not experienced insane inflation yet is because banks choose not to lend for whatever reason. Do you believe the Fed will be able to control this? Sooner or later banks will start lending agressively again if history is any guide. Should we expect those who gave the banks trillions (because of a crisis they themselves created) to solve the situation and save us from inflation? My answer is no.