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The Federal Reserve controls the amount of money in circulation. The Fed. orders the U.S. Bureau of Engraving and Printing to literally print U.S. dollars bills. The BEP delivers the newly printed bills to one of the Federal Reserve Banks. If the Fed. orders more money to be printed than is destroyed, the currency in circulation increases. Look at the M0 and M1 money supplies.
The U.S. Treasury issues treasuries to collect money to fund deficit spending. The Fed. in the form of one of the Federal Reserve Banks bids on the treasuries at public auction buying them directly from the U.S. Treasury using those newly printed U.S. dollars. Private investors do not buy them first. If the Fed. buys treasuries from the secondary U.S. bond market, then they are likely buying them from private investors.
我的我问题是：
If fed tell BEP to litterally print money, then they can print as much money as they want, is it totally uncontrolled and based on nothing? Where would fed put this newly printed money in their Profit/Loss account? Is it a profit out of thin air?
BTW, fed can either buy bonds directly from gov.(through auctions) or indirectly from secondary market, am I right?
If fed buys the bonds from secondary market, does it mean they created money twice like :
The step1 issueing bonds created money in the treasury's checking account, and step 2 fed buying bonds created money in the security dealer's checking account. Didn't they create money twice?
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