Just to be accurate and precise: the government prints the IOUs (bonds or treasury bills) and then converts them into paper bills and checkbook money by presenting the IOUs to the Fed, where it is classified as a securities asset which can offset a liability. The Fed creates that liability by creating a Federal Reserve check. The Federal Reserve check is received by the government, then is endorsed, and sent back to one of the Federal Reserve banks, where it becomes a government deposit, where it can be used to pay government expenses. These government expenses then become the first wave of fiat money created out of thin air.
Spot on post. Money for nothing. It’s working nicely in Venezuela as well - not.