In central banking that would be be default by government. Powell and that bunch have to get their distribution moments figured. One could say default is the essence of the right to coin. And governments do it.
Drop inflation altogether, focus on a long term separation between the Fed and Treasury. No one is restraining Treasury from default. I mean, 2% a year is high, yes, but the deflationary forces are actually stronger. Leave the Fed out of it, it is caused by bad government banking and government should default on its own.
The Supremes know I have this case because Fed independence has value and this is payment. We beat the 'debt is sacred' line in one of the bizarre amendments. The Supremes and I want time limit, 15 years sounds like a good pick. Treasury creates the Department of Deleting Debt obligations. It will inherit the Fed balance sheet. Think of it as an asynchronous bond tax, the Treasury suddenly applies a tax with default spread evenly. The Fed is contracted to fair, non profit S/L risk bound to some ratio (1/5) of the capital in the S/L.
The gain here is enforced contracts, this is a big deal, it really helps everyone, the great equalizer. The Fed needs to lead.
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