Check out the link I posted from the Bank of England. Straight from the horses mouth, as it were...Fed does things exactly the same way.
Almost sounds like Modern Monetary Theory.
As I understand MMT, disregard debt (you owe it to yourselves) print money until there’s inflation, then raise taxes to curb inflation. That’s kind of simplified. It’s what Bernie, AOC and others follow. Nearly every country is in debt, and their debt is growing. In that sense money is debt.