Actually, anyone can buy Treasuries direct from the auction at no fee. (The government even has a website for it.) Furthermore, the Treasury market is extraordinary tight, so it barely matters who has access to the Fed. Finally, the recent effect of the Fed announcing expansionary programs has been to lower Treasuries values through implied inflation. (Check the charts if you don't believe me.) So I'm not sure how you can be correct to any significant degree.
I don't see how access to the treasury market has bearing. The issue is seigniorage. In our system that mostly happens through fraction reserve banking, mostly independent of government debt.
