Alberto Veronese | McAdoo, Fed as Fiscal Agent of the U.S. (1915) @fistfullproduction | Uploaded October 2014 | Updated October 2024, 16 hours ago.
Central Bank in the US could purchase unlimited amounts of treasury debt by creating funds out of thin air.

William Gibbs McAdoo, (October 31, 1863 – February 1, 1941)
Secretary of the Treasury and U.S. Senator from California.

The twelve Federal Reserve Banks … "are fiscal agents of the Government”.

"Federal Reserve Bulletin", Washington, December 1915
fraser.stlouisfed.org/docs/publications/FRB/1910s/frb_121915.pdf

Federal Reserve Archive, Discover Economics History
fraser.stlouisfed.org

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Modern Monetary Theory