I heard somewhere that QE is not the same as printing money -- in fact as I know it, QE is the purchase of assets in exchange for more liquid and high-quality, better collaborated debt. In other words, it stimulates the exchange of liquid fiat, and indirectly increases the money supply in circulation (that is, money not in reserves) by inducing banks to lend, and therefore practice fractional reserve banking. So the analogy to "printing money" is a misnomer.

Is this explanation wrong?