You all do realize that the federal Reserve is not a government organization don't you? It is essentially a banking corporate cartel. It makes money off of the debt. All the money the govt borrows from the fed it has to repay with interest.
Educate yourself. Under Bush China was still buying the bonds, they quit and so did everyone else. Under Obama the Bonds are issued and the Fed prints money to buy yhtem and THAT'S what QE now means....educate yourself.
The Fed is only technically not the government, but practically are. That's why U.S. presidents appoint the chairmans.