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I respect Michael Hudson but he is slightly wrong here. They can also buy U.S. stocks like the Swiss Central Bank does. [1]

[1] https://sec.report/Document/0001582202-21-000003/?__cf_chl_j...

Please note: most (±95%) of the U.S. money supply is not created by the Federal Reserve, but by the U.S. commercial banks as deposits when they make loans. [1] Alternatively you can read the Bank of England report on Money creation. [2] It's about the British economy but goes into further detail and the monetary principles are the same in every modern country.

[1] https://www.kreditordnung.info/docs/S_and_P__Repeat_After_Me...

[2] https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...