"In an unprecendented move [significant but not unprecedented - KYI*], the United States Federal Reserve is now buying US Treasury government bonds (source 1, source 2). The debt issued by the US government is being bought by the US Federal Reserve. Instead of lending money from others, the government is printing money to finance its spending. Printing money could massively devalue the dollar in the long term."
The US government has to finance everything it does either through taxes or by loaning money from others.
The US government can't issue new money to finance their undertakings.
Only the Fed can issue new money, but it's not supposed to just give the gvmt the money it wants.
KYI: Normally, the US government loans money from China or individuals. But those aren't giving the US money anymore. Instead, the Fed is printing new money and handing it to the government.
Well, this puts last month's "economic plan" in a new light. The Fed gets to control banks, then the Fed agrees to finance the government's debt. Power has never been so transparent.
Some will argue the Fed is acting like a lender twisting the US government.