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Any bank can send an armored car to a Federal Reserve branch and withdraw their excess reserves as paper money. So any claim that banks don't loan out excess reserves is like saying they don't loan out paper money. While this may be technically true, it is not helpful to understanding what is going to happen.
I think it is best to view excess reserves like government debt as far as the risk of inflation and hyperinflation.
http://www.financialsense.com/contributors/vincent-cate/excess-reserves-is-like-government-debt
Commented Jun 25, 2014 on Repeat after me: people cannot and do not "spend" money at Worthwhile Canadian Initiative
Repeat after me: people cannot and do not "spend" money
John Maynard Keynes famously wrote that: "Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist." A modern example of that dictum, relevant to the economy, policy, and markets, is the widespread view that people...
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