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Suspect Zero
Is the USA Quantitative Easing 1 and 2 the same as selling treasury bills or just printing more money?
In selling treasury bills, the government gets the proceeds and finance its deficits thus its net effect in the total volume of money in circulation is zero and likely zero in inflation too. Quantitative Easing - a new term in economics - I suspect, is a mere printing of more money without its corresponding treasury bills sales equivalent and therefore have a huge effect on inflation or in the value of the US dollar abroad. Just to cite and example, both the Canadian and Australian dollars are currently higher in value.
"Quantitative Easing" has become a trendy word, but just refers a certain direction of monetary policy. You are right, it is not the same as selling T-Bonds, which is a part of fiscal policy.
Economists like to make that distinction between fiscal policy (government budget, taxing, and borrowing issues) and monetary policy (the Federal Reserve's actions to influence the money supply, interest rates, and credit).