Seigniorage by default

TBTF banking includes the bond tax, seigniorage.  Make it a default stream, autodefault for Congressional shortfall.  When government debt exceeds a percentage of Fed holdings, the debt erasure begins. Then TBTF is a standard S&L with default power on guv.  TBTF members suffer the volatility, but get exclusive access to fed S&L rates. Guv learns to budget.