Since the government is creating valueless “money” by typing on computer keys (I agree) why should it be labelled as a debt to be paid to the Federal Reserve? Why should it be paid back at all?
Because the Federal Reserve can then claim it has an asset in the form of an account receivable to try and fool the public that FedGov has somehow created value out of printing money. They also try and hide it from the non-thinking masses by using the euphemism of qunatitative easing. This is akin to putting a dagger through the heart of the US economy and calling it an introduction of a shaped metallic alloy through the pericardium. The democratic Obamabots just take another toke or sniff and say dem Gubmint dudes is smart.