Yes, I agree, you are correct. This government has been taken over by an oligarchy for the last 40+ years, the lobbyists buy the politicians and the politicians create laws/regulations that benefit the oligarchy. So everything they are currently doing with monetary policy is mostly benefiting the wealthy at the top and giving some crumbs to the people at the bottom. The money they are pumping into the economic system will never make it to the people at the bottom, who are the only reason the economic system works in the first place, because of their daily spending.

They know exactly what they are doing, the reason I say they are incompetent is because they are destroying the economic system they created. The end game is either revolution or hyperinflation. If they continue creating new money without removing some of it from the economic system, inflation keeps increasing and people at the bottom will not be able to afford basic needs. If they stop creating new money but not enough money moves from the top to bottom, same issue, people at the bottom will not be able to afford basic needs. This can only go on for so long before the people at the bottom reach a breaking point, and there is always more people at the bottom then there are at the top...

The only logical mathematical solution is to stop printing money (to stop inflation) and move as much currency as possible from people at the top to people at the bottom, because those people will immediately go out and start buying stuff (paying bills) and creating demand. Unfortunately something like this will never happen with the current politicians, because they would basically have to admit that the last 40+ years of their economic policy has been a failure that has created the biggest wealth inequality in earth's history.