Banks and Fannie and Freddie only "create money" to the extent the Fed allows them to. They all have accounts at the Fed, and those accounts govern how much mon

Banks and Fannie and Freddie only "create money" to the extent the Fed allows them to. They all have accounts at the Fed, and those accounts govern how much money they can issue as loans. So ultimately the money printer only belongs to the Fed. The fact that what is actually going on is obfuscated by several layers of indirection is a bug, not a feature.