Since the corona panic, the Fed has bought a ton of government bonds, but it's also started buying corporate bonds, has abolished reserve requirements, redefined their M1 measure, and switched to average inflation targeting.
With a sound money, none of these distortions would have been possible: the limitations of the currency itself would have forced an unwinding of excessive risk far before it could become a clash between major hedge funds and Reddit trolls.
If the current thinking continues, the world’s central banks will buy whatever paper governments issue. The result by the end of the decade will be a Federal Reserve balance sheet totaling $40 to $50 trillion.
By flooding the market with cheap credit, Alan Greenspan pushed interest rates (including mortgage rates) down to artificially low levels. This caused the bubble in house prices and misallocated too many real resources to the housing sector.