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Re:I Got the Fed to Release Its 2011 "Treasury Default" Play... by pdonis on Tuesday November 07, 2023 @05:36PM (#38184021)
> The Fed is saying they'll defer to the Treasury on whether debt is legally issued.

Yes, while the Fed continues to do various things behind the scenes to make sure that the Treasury can plausibly claim that the debt is legally issued.

Re:I Got the Fed to Release Its 2011 "Treasury Default" Play... by JumpCrisscross on Tuesday November 07, 2023 @05:40PM (#38184066)
> while the Fed continues to do various things behind the scenes to make sure that the Treasury can plausibly claim that the debt is legally issued

What are you hinting at? The Fed doesn't decide on whether debt is legally issued. It also cannot overrule Treasury absent a court order. It's saying that, absent court advice, if the Treasury issues debt it will treat it like any other. There is nothing behind the scenes they need to do beyond announcing they'll treat them equivalently.

Re:I Got the Fed to Release Its 2011 "Treasury Default" Play... by pdonis on Tuesday November 07, 2023 @09:13PM (#38185914)
> What are you hinting at?

I'm just restating what was in the article, for example when it talks about "accounting gimmicks" that the Treasury uses to circumvent the debt ceiling. The Fed, as you say, cannot overrule Treasury, so if the Treasury tells the Fed to play a particular role in its accounting gimmicks (which it does), the Fed has no choice but to do so.