The Federal Reserve explored the idea
of issuing its own debt in discussions with Congress as the
central bank sought ways of coping with a balance sheet that has
more than doubled in the past year.
Here is much more. I don’t think this is intended as an application of Neil Wallace’s legal restrictions theory of money. Rather the goal is to give the Fed a new funding option at a time when excess reserves are not always a desirable means of balance sheet expansion.
I wonder if such securities would trade at a discount or premium to Treasury securities or if it’s even a good idea to find out.
I too would like the ability to borrow large sums at a zero rate of interest, which right now I can do only from Natasha. But you know, it’s funny: if I had the right to print my own money, I’d actually be plenty happy with that. I guess not everyone is so easily satisfied.