What should the Fed do tomorrow?

We need to open the  discussion to a partial default, like 1932 or 1973. The real tradeoff is how we do a partial. 

Guv is already at wits end, another hike can wait. Fed should say those words, guv debt schedule needs restructure. Fed then talk immediately allowing large government programs into the TBTF system for direct banking. 

Ultimately, a Fed that generates smooth sandbox transition also generates 4-10 T in value. Sandbox can default that, but needs to get government programs marked to market more often least they jam the queue.

The Fed wants to avoid a period of confusion, like 73 when gold suddenly became a dollar replacement. The Fed  needs neutrality, and proposes to open up TBTF banking and allow competitive monetary systems.