Is the government default process deleting cash

 The New Fed contract is purchased right to coin, leased for the price of erasing some 1/3 of government debt over 15 yeas.  How?

It ha a permanent Fed account, it is pre-funded with about eight trillion in government bonds. There is no seigniorage, this is an artificial bot, the real thing. Id plays he fair coin with its assets, but otherwise withdraws cash and deletes the cash digital sequence, it is no more. The default is ransfer once only, so the bot owns it, the cash is cosigned with its swift counter bank, and the bot has possession. Under the rules, one can see, it is non recoverable.

The effect is to reduce market size in the swift ledger.  And it add about 3/2 more market risk.  Nothing can be done about it except an act of congress, or failure to renew.  This default is the seigniorage tax, pre-negotiated. Otherwise the Fed market risk account is bounded white noise.