Targeting NGDP

Build a machine to track the wiggly blue. Notice the blue bars are after the fact, but your machine will need to follow downward  when we decide to go there.

The issue is, what should the currency banker do when treasury starts borrowing humongous?  Standard loan/deposits theory says the currency risk goes way up when treasury dominates borrowing. and interest charges applied as soon as noticed. The currency banker always trying to stay a half step ahead of the two queues.

Simple basic currency banking will be over ruled by the senate in favor of central banking with seigniorage. So, the outcome is either central banking or severe government accounting reform.