Krugman is right, the elites obfuscate

So when an elite points out the Fed is not printing money, go to the source,  where we find the Fed is digitizing it. At the source we find Hamilton discussing the matter and concludes:

Doing this obviously involves some potentially tricky details. The Fed will have to begin this contraction at a time when the unemployment rate is still very high. And the volumes involved and lack of experience with this situation suggest great caution is called for in timing and operational details. Sober observers can and do worry about how well the Fed will be able to pull this off. 

If the Fed does show losses on the operation of digitizing and undigitizing money, then the losses go mainly to the Wall Steet traders, and we see inflation in NYC and Washington DC condo rents. Folks out beyond the beltway need not worry about hyperinflation.

If I were inside the beltway, my major concern is how can the DC Delusionals extract the funds from California to cover the cost of more agglomeration in the beltway. Jerry Brown is not making progress on that score, and the more money the Fed parks into NYC and DC, the less likely California will cover any of the Fed losses.

Ken Haughton seems a little upset that financial institutions are parking the Fed digital money.  Absent these large financial institutions, who would buffer the $1.65 trillion in debt incurred by Congress this year?  Without the buffering, most of the money would end up in Eric Cantor's district as Treasury hires thousands to do the job.  The problem ultimately is one of shoveling large chunks of Congressional spending down a small channel.