Much of what the Fed is doing when it comes to creating/counterfeiting money goes back to John Maynard Keynes who suggested that when consumers and government "pull in their horns", stop spending [for whatever reasons] resulting in violent ups and downs in the business cycle...it is the responsibility of government to step in, create money, and move it into the economic stream, to get things going again. He further said that after the subsequent recovery was underway, when government received ballooning tax revenues from increased economic activity, the "funny money" previously introduced should be gently withdrawn. It was an idea that made a lot of sense. Unfortunately over the decades government tended to increasingly rely on the "create the money" idea of Keynes and ignore the critical concept of later "gently" withdrawing that money.
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