According to economist, author and funny man, Robert P. Murphy, yes.
“Incidentally, even though I’ve quadruple-checked it, that number still seems impossible. But U.S. bank reserves were some $100 billion in September, and then were some $800 billion in December. So that means over the course of three months, they increased by a factor of 8. So that means over a year, they would grow by a factor of 8x8x8x8 = 4096, which is 409,600%, and then you subtract 100% to make it a growth figure.” (Bob Murphy’s FREE ADVICE)
And we wonder why five cent watermelons cost five dollars.