The Fed, being the largest Central Bank globally is a bit of a dogs dinner structurally.
While it pays its private share holding banks a dividend yearly, it pays most of its
profits to the US Treasury
here is a link that explains the Gig:
https://www.*.com/who-actually-owns-the-federal-reserve-2013-10?r=AU&IR=T
I guess the impending Recession/Depression will test its timber MMT or no MMT !
