re: #22 000G

Another thing I find weird is that the Fed is allowed direct purchases of Treasury bonds.

AFAIK, that sort of thing is expressively forbidden for the Deutsche Bundesbank, the German central bank, to do. Business banks may deposit federal bonds at the Bundesbank, but losses due to falling prices at the market are incurred by the business banks, not the Bundesbank.

I find that very strange too. I suspect even serious economists would have a hard time explaining that.