QE is nothing but the reverse of the reserve drain of bonds. It swaps one form of money for another, but it doesn’t create that money. The Fed shares a balance sheet with Treasury and remits any profit it makes yearly, so excesses on its balance sheet get applied to the national debt that they were created from.

Private sector bank loans create reserves, not the other way around. This is why paying off a loan draws down the total money supply. There is nowhere for the reserves issued by bond purchases at the Fed to go that increases anyone’s balance sheet or equity position. Asset swaps simply change the liquidity of existing monetary assets.