Fed,
...that "prints" money by pressing PRINT or ISSUE key - theft by the US government aka "inflation".
Strictly speaking, the Fed does not "print" money. There's a million ways the Fed can manage the money supply, but none of them really involve "printing" money, which is something only the Treasury can really do and has almost never done historically outside of its routine role of printing money.
The Fed injects money into the system, typically, by crediting the reserve accounts of commercial banks after purchasing securities on the open market. That is, Bank A holds $1 billion of US Treasury Bonds, the Fed buys the bonds, the Fed credits Bank A's reserve account at the Fed with 1 billion USD. Voila - there is a "new" billion dollars in the system. Except it's not really new.
It doesn't have to be Treasury Bonds, of course, which tend to be highly liquid. It could be some very toxic tranche of bonds whose fair price is $0.30 to the dollar, but the Fed will still buy them at par, because it knows it can hold them until better times. After all, the Fed does not care about making a profit. This is where one can make stronger arguments that there is money printing afoot, and argue that the Fed is actively putting money in the pockets of the rich. The problem is, however, that if the Fed did not intervene in that hypothetical market of illiquid securities, there would have been wider cascading effects that would eventually imperil the real economy and the incomes of average Americans. So you save the rich, to help the poor.
This isn't tax money, its imaginary money turned into national debt
Uhmm, no? This is very real tax money. Private, commercial debt is not included in the tally of national debt. It is true that it will remain eminently manageable for the United States, as long as there is demand in the rest of the world for US dollars and appetite for buying US debt. In effect, this allows America to export its inflation, but it doesn't mean inflation is not happening.
The entire world financial system works to the benefit of the United States, but it does not mean that the US is immune to the laws of economics or gravity. Confiscating frozen Russian assets will go a long way towards tempering the desire of other countries to park their money in America. Increasing crude oil trade (as well as other trade) in Euros and Yuan, will similarly make America's economic situation more difficult.
In any cases I thought the debate on inflation was sealed after this latest round, which followed neatly on the tails of a historically unprecedented pandemic budget which blew money all across the country like a fire hose.
