With respect to 4, no the Federal Reserve is not "literally printing money", however the money deposited in the reserve accounts of the member banks is indeed new money. This can be fairly described euphemistically as "printing money." The important question is whether the increase in the money supply risks inflation. Currently, it doesn't look like it. And now we are starting to move into the "remove the punch bowl" phase of monetary policy with reductions in the buying program. As the Federal reserve eventually transitions from buying to selling its bond holdings, the money that the member banks pay the Fed to buy back the bonds disappears in a poof as money is removed from the money supply. It will be interesting to see if we can get the meme going, "The Fed burns $XM every month!"