I've observed a lot that's purely absurd the last eleven years, trying hard to write up as much of it as I can. It's worth the effort in terms of education but also to reveal what's really going on. The catalog is too long to republish here in its entirety.
One of the most ridiculous anecdotes, however, was pieced together in March 2016. The dollar world was a smoldering wreck, and because of that global bond yields were still falling. Liquidity hedging was prevalent as anyone might honestly expect.
As a consequence, US primary dealers were hoarding UST's coupons and bills. Their reported (net) holdings of these most prized instruments so very clearly rise and fall with each deflation/reflation cycle.
But there is no such thing according to the Fed narrative. There cannot be because four QE's caused so much "money" to be "printed" something like that would be unthinkable – if it was ever the real thing it would reveal the whole corrupt nature of moneyless monetary policy. It didn't matter the global downturn and how the US economy was pushed right up to the edge of recession, there was no liquidity problem in dollars they all said.
How, then, to explain what dealers were doing with all those UST's?