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Such unearned money released by central bank QE has no real worth behind it except as sole legal tender accepted by government for payment of taxes. Yet tax payment by definition is reduced in a recession, thus reducing the demand of money needed for payment of taxes.
Under such conditions, QE money released by central bank has reduced stored value because such money is not backed by additional tax claims by government. In fact, even fiat money already in circulation, presumably backed by its acceptance for payment of taxes, face impairment in value in a recession when tax revenue generally declines. Additional QE money in a recession further dilutes the stored value of all money in circulation.
QE money cannot be backed by stored value of any other kind without such money being productively employed directly to create new wealth beyond the removal of troubled assets from the banking system in the private sector. Troubled assets held by creditors are assets whose market values are discounted by price deflation or debtor default.
Furthermore, QE money directly reduces the need on the part of debtors in the private sector for earned money to repay debt because such debt has been transferred to the central bank at full face value in exchange for QE money not backed by equivalent tangible assets or additional tax revenue.
QE without direct focus or impact on reducing unemployment is by definition not a Keynesian measure of deficit financing to reduce unemployment in the recessionary phase of a normal business cycle.
Unless QE money is targeted directly on creating new employment to restore consumer demand, and not targeted merely toward manipulative transfer of troubled assets to the central bank from financial institutions in private sector facing insolvency, QE is merely a monetarist maneuver.