Halfway into place

Krugman discovered something about interest charges, but won't tell us.

Incidentally, this also means that the common claim that QE is a giveaway to bankers is the opposite of the truth; to the extent that journalists with close ties to bankers spread this story, it’s Orwellian. Remember, the Federal Reserve isn’t lending money at low interest to banks — banks, with their $2.5 trillion (!) of excess reserves, are lending vast sums at low interest to the Fed.It’s all falling into place.

The half he is  missing is that the banks are lending to the senate. not  the Fed. The Fed zeros out interest gains and losses by keeping a fixed wedge between savings and lending, due to the seigniorage effect.   Bad idea, bad design, causes cycles against the eight year regime periods because the pricing orbits stay mostly fixed when bit error  is zero variance.