Beckworth has them in his new Fed model. Part 3 is his auto-fiscal response, the helicopter leaving droplets in our accounts, if need be.
My plan has these as opportunistic defaults, the machine erases some chunk of Treasuries and the direct inflation needs be handled in the separate, and asynchronous reserve to holdings balance. The banking system is in charge of transmitting direct inflation.
My plan is not conditional, my plan says the Fed is contracted to default set amount over the contract period, 15 years. In return the Fed is free of Congress and only manages the reserves to holdings balance.
My plan is based on history, we default, do it regularly, lets setup a pit rather than have sudden congestion.
But otherwise, with a change of name, both plans effect the same result, defaults.
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