The Federal Reserve chairman, admits that the Federal Reserve digitally prints money!

Jerome Powell, the Federal Reserve chairman, admits that the Federal Reserve digitally prints money out of thin air and floods the economy with money by buying Treasury bonds and other financial assets, known as Quantitative Easing.

Central banks, aka the Federal Reserve, create money digitally or out of thin air.

Non-central banks, like JPMorgan Chase, Wells Fargo, and Bank of America, create money through fractional-reserve.

PELLEY: Fair to say you simply flooded the system with money?
POWELL: Yes. We did. That’s another way to think about it. We did.
PELLEY: Where does it come from? Do you just print it?
POWELL: We print it digitally. So as a central bank, we have the ability to create money digitally. And we do that by buying Treasury Bills or bonds for other government-guaranteed securities. And that actually increases the money supply. We also print actual currency and we distribute that through the Federal Reserve banks.

Source: 60 Minutes on May 17, 2020

Jerome Powell  - we print money - 60 minutes interview
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