Am I the only money-ignoramous here who doesn't understand how the Fed (which is us) buying the debt (which is ours) is possible? I think like this: The leader of my scout troop holds all our money for the weekend hike expenses; the leader spends it to buy himself a smart-phone, putting an IOU note in his wallet; when we complain that our money is gone, he calls his wife (the Fed) and she "buys" his IOU note. With money? What money? or if not money, with what? We scouts still don't get the money.
Please, tell me what I'm missing.