Follow the money

• The U. S. issues a Treasury bill.
• The Federal Reserve, a private company, buys 80% of those treasuries. This means the U. S. owes the private bank of the Federal Reserve the money.
• The U. S. then uses the money just borrowed to buy back old Treasuries, pay off old debt, from, wait for it, the Federal Reserve and China mostly.

When is it going to come out that the Chinese owner the Federal Reserve?