Federal Reserve = Ponzi Scheme?

While digging arnd BT today, I found this intriguing article
which suggested the US Treasury and the Federal Reserve
are running a Ponzi scheme to keep the US economy afloat.

The basic gist goes like this: The US issued $1.88 trillion of
debt last year (to pay for their stimulus packages).
However, the was a shortfall of some $700 billion
which nobody wanted to buy. The solution? Get the Federal
Reserve to print $700 billion worth of money to buy up these bonds.

I'm not making any of this up. This is based on real data provided
by the official websites Treasury and the Fed - all dug up and assembled
by the guys at Canadian hedge fund Sprott Asset Management.

Those guys concluded that this is all smoke and mirrors by the Fed
"as a means of faking the Treasury's ability to attract outside capital".
And like all Ponzi schemes, it will eventually collapse and fail.
With potentially disastrous consequences.
You know what? From the historical examples I've seen,
I think these guys are 100% right.