The Federal Reserve is currently borrowing over 80% of the Treasury Bonds which are used to fund the printing of money for the Federal Reserve and rising.
Meaning less than 20% of our money creation is being supported.
You do realize that treasury bonds usually have nothing to do with money creation, right? The usual way that MZM grows is via the discount window and/or the exponential expansion characteristics of fractional reserve banking, not anything to do with federal borrowing.
I mean, sure, if the Fed's M0 expansion is resulting in them holding 80% of newly issued federal debt, that's pretty disturbing. But... it's not like the Fed outbidding everyone in that particular market means that "the dollar is dead". It just means that people have better things to do with their money than sink it into sub-inflation 30-year loans.
What US Treasury is doing in reality, is printing counterfeit dollars. Just like fake money printed by criminals, these dollars are not backed up by goods or demand and are harming the real economy.
By that standard, all dollars since Nixon have been counterfeit. I'm not saying that's wrong, but it's a bit strange to blame the Treasury for the "unbacked" nature of post-Bretton Woods FRNs.