Did QE2 Prop up European Banks?

Did QE2 Prop up European Banks?

Zero Hedge is kind of a wild site, somewhere they're not afraid to explore conspiracy theories, so I'm not sure how much to make of this article, which has now been linked by Business Insider. But it's an interesting and detailed argument that, in monetizing debt, the Fed was not bailing out our own banks but U.S.-based branches of European ones, to the tune of $600 billion. Zero Hedge claims this explains why U.S. banks still find themselves not only unwilling but unable to lend out their reserves.