They cannot be tax collectors and accountants. The money taxes need be independent of the currency banker. The Fed wants the devaluation process happen via third party mechanism, and they be independent of it. Then the devaluation appears as a sales tax across the zone of tax payers.
Fed currency will be tight, less risk taken since the devaluation risk adds on. The effect of the default process is a steady 2% downward pressure on government interest charges. This is like an asynchronously collected sales tax. But it is permanent, it accumulates as it is compounding lost until the contract renewal.
But it will distributed liquidity much better than today. It forces a tech upgrade, forces far banking, and makes the tax dollar regain much of its lost market share. The tax come to about a half point every quarter. direct inflation.
A two percent/year monopoly tax dollar, it works if the transaction costs are low. That means he New Fed using its out sized market power to gain market share. Free of Treasury for 15 years is a productivity wonder for banking.
Who runs the default process? Nominally Treasury, mostly via the Fed contract. Perhaps the defaults will incur another half to current Fed risk. Money tight for a while.
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