The hard constraints on central banking

 The conbstraints that must be obeyed else the sheriff comes to take your house.

They are:

• Powerr to coin belongs to Treasury and SZenate
• Power to tax belongs to the complee legislature
• The sanctity of debt is adjudicated and a constraint of the post war amendment.

Any solution navigates these constraints and the solutions are always the same, a central bank contract which splits the powers and avoids the sheriff. And one path is certain, Treasury and the Senate have to agree on any devaluation, then they have to negotiate a Fed contract to secure debt sanctity, and the Fed needs to drop seigniorage fees to a fixed monopoly fee such that it does not impinge on the power of taxation. The law will not change, the economists need to conform to the law.

Unlike the Nixon default, we cannot just reprice gold or exit the gold market. We actually need the legal path to devaluation otherwise the endless supply of lawsuits jam the economy.  And for the same reason, we have to define 'whatever it takes'. Economists cannot just fake the code words and expect the negotiation to go well.