Make your own constitution or pay the price

Before 2009, the Fed did not pay interest on banks' excess reserves held at the Fed. This practice was introduced as a taxpayer-funded subsidy to the banks during the crisis (taxpayer-funded because the Fed turns over any profit at the end of the year to the Treasury).After beginning this practice, the Fed's chief trader, Simon Potter, realized it could be used to raise interest rates without expelling excess reserves from the Fed, by sucking liquidity out of the short-term markets. In fall 2015, it began raising the interest rate on excess reserves, with the anticipated effect.At a current rate of about $36 billion a year, this is a cost to the Treasury that is indefensible. This amount is about half the budget for food stamps, for example, which politicians want to cut. There is no provision for these funds ever to be paid back. It is welfare for the bankers

The Fed Will Give Banks A $36 Billion Taxpayer-Funded Subsidy This Year

A Zero Hedge submission to the debate. The Constitution grabbed the right to coin, it does not relinquish that right except with continuing two year blackmail payments.  

It will change, to 15 year blackmail payments, a much better deal. 

The alternative is to change the Constitution or rely on sandbox to provide the alternative.   We have a problem with the sandbox, NSA is in cahoots with 'right to coin', and we have to do two deals at once.  Do two deals at once; force the Fed and Congress to get a 15 year MMT deal and get the NSA of our backs with respect to smart card.

This is the third time in current memory, we know the drill, we can exchange the order of events, the loop price is computed.   This is not the only generational function, we also have entitlement swaps and wealth taxes. It will be fairly smooth, compared to Nixon.

It would utter stupidity to remain in denial about out MMT moment, the chaos becomes worse.