He is up against the Oveton window, and real banking economists are filling in the constants.
He wants devaluation and separation of the tax. But he cannot say it. His real monetary policy is to go on strike until the nonsense is figured out. From whom is he demanding inflation? From treasury, obviously, but neither he nor the Munchkin can talk in public. The implications are that devaluations are common with governments, make them repeatable and betable so they do not compound.
Taxing collateral is a nightmare for a currency banker. Keep the monopoly fee to less than a quarter point. Let Treasury keep the right to coin. Due Process banking is equivalent to keeping neutral on government sector. Powell wants inside that world.
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