Come on, Genius ?    Its not that clever and they really didnt invent the system in effect.   Its just an elaborate raffle, if I hold up a lovely brand new car 5 litre Turbo, it does 200mph.  It looks amazing, two tone paint work, all chrome leather seats whatever but to make its cost is 50,000 dollars.   Alot of people want it, then I go sell raffle tickets worth 1 million dollars Iam a genius but more accurately a salesman exploiting, obscuring a misunderstanding in the terms by those hoping to win.   Nothing special, this is done all over the net, TV everywhere people use the viewers poor maths to take advantage.   1 person wins, a few people gain from the system, the salesman gets his cut but in the main its raffle owners who get to spend a free 900k

Thats all the FED has done, they over leveraged and the raffle is yet to be settled but they already have charged ticket prices and the money is spent.   The amount of lustre attributed to holding dollars is unparalleled, its not a unique product and value is momentary.    To unwind now would take the same taxes but no services by government, an army only locally militia based and so on.  Feasibly it would take decades to pay back even with no spending I believe, its not possible and growth to meet the cost is not likely without some dramatic move like USA gov copyrights power stations using nuclear fusion for a great free energy export

Not a central bank but competing banks with varying schemes of investment and capital reserve would improve reliability.  They would be more justified then merely operating the worlds most powerful army as a qualifier.
As we have now, all banks report to one and its a top down system less independent, less able to adapt to change and more subject to fracture under pressure