I think what he was actually getting at is the Discount Window. These are often very short term loans, perhaps a matter of minutes, made to cover a short term liquidity drop. If you add it all up over a year, it could very well add up to several trillions without adding those trillions to the GDP.
It all gets paid back with interest, though. None of this is anything new.
It all gets paid back with interest, though. None of this is anything new.