The Fed is a government monopoly

Money Realism: Helicopter money at its core is a fiscal idea corresponding to fiscal responsibility. Crediting commercial bank money accounts or even “dropping” currency ex nihilo to selected private sector recipients – with no financial assets received in exchange – constitutes a transfer payment, which according to common sense is a form of government spending. 

Helicopter money is a transfer payment as long as the Fed is the monopoly currency banker.  So my simple model is corrupted, there is no mild competition for the Fed. Hence no speculation about the helicopter, G always pays the currency losses.  

That is no different than saying the US Congress is way to bzonkers to be a member bank.   No matter how one puts the problem, as long as Congress has a monopoly on money, there is not much mark to market going on at the Fed.