The New Fed contract

 When Congress agrees to a New and Free Fed along with an allowed Treasury double spending quanta, then the sanctity of debt and right to coin are established. The Free Fed insures Treasury market on face bond value, but Treasury retains a variable unwritten bond tax.

The Supremes are forced to sort this out. Did the sanctity amendment overrule the right to coin? They have to say no considering Treasuries ability to take a flexible Fed tax for 20 years. But clearly the sanctity of debt is threatened by the balance sheet distortions of the market.

The Supremes will agree, a New Fed contract stands until Congress votes a remake. The Supremes will find it the best balance.  I am not breaking any taboo here, the Supremes have been there, done that. We been at this long before the latest 'This time is different'. Even revenue sharing is being and has been tried, a verified method to de-wobble the Constitution. 

The contract, enforceable, has a positive definite value for double spending, any House member can enforce it, and the Supremes will agree. There is no doubt, you will have NGDP growth. The plots on how to meet the contract are all in Treasury, the New Fed is as surprised as anyone. And, I might add, the sanctity of debt preserved allows Treasury to buy back its own debt, using double spending. But i suspect Treasury will use double spending to back revenue sharing as that reduces the wobble problem.