Seeking Alpha has the article titled Because Debt Is Money.

The financial crisis and the subsequent recession have sparked a continuing debate on inflation and deflation. To date, the fears of deflation among policymakers and economist have been more profound than the prospects of inflation or hyperinflation. This, despite the fact that the U.S. adjusted monetary base has expanded by nearly $2.2 trillion and government debt by nearly $8 trillion after the crisis. This article discusses the reason for inflation remaining muted in the United States amidst ultra expansionary monetary policies of the central bank.

Also check out the article’s link to the Federal Reserve Bank of Chicago’s workbook, Modern Money Mechanics – A Workbook on Bank Reserves and Deposit Expansion.

The article and the workbook are great explanations of why using monetary policy to fight a recession is just like pushing on a string. You can give the banks all the resources they need to lend, but they won’t lend until there is an economic reason to do so.

The Fed wouldn’t have to be trying so hard to push on this string if only the Congress would do their job of pulling on that string.  Pulling on the string means creating  large enough government purchases of economically stimulative items.  These items are commonly described as infrastructure, education, and research and development.  Purchasing is creating the economic demand that the banks and private enterprise cannot resist and still call themselves capitalists.