first you have to admit the foreign central bank swap is true. So both other central banks and FED prints money.
If you need evidence of this, let me know and I find a video for you.
The second question is where did currency go? Without audit FED balance sheet, it may be hard to find out.
This article provides some possible scenarios. The other very possible scenario is the money lends to commercial banks at super lower interest rate and commercial banks are holding them. Why, simple answer is there are more bad assets on the commercial banks' balance sheet, this likely includes Derivatives, and Bad loans. The newly printed money provides a hedge to the bad assets. That is why we did not see hyperinflation, not yet, not by the time all bad assets are washed out by this and future printed money.
http://seekingalpha.com/article/270750-questioning-the-qe-monetary-transmission-mechanism
