Back in the days of the Fed's QE, much of thinking analyst world (the non-thinking segment would merely accept everything that the Fed did without question, after all their livelihood depended on it), was focused on how massive, and shocking, the Fed's direct intervention in capital markets had become. And while that was certainly true, what we showed back in November 2013 in "Chart Of The Day: How China's Stunning $15 Trillion In New Liquidity Blew Bernanke's QE Out Of The Water" is that whereas the Fed had injected some $2.5 trillion in liquidity in the US banking system, China had blown the US central bank out of the water, with no less than $15 trillion in increases to Chinese bank assets, all at the behest of a juggernaut of new credit creation - be it new yuan loans, shadow debt, corporate bonds, or any other form of debt that makes up China's broad Total Social Financing aggregate.