Submitted by Philip Brewer on July 18, 2007 - 07:22.
But I would note that the Bureau of Engraving and Printing is part of the Treasury and not part of the Federal Reserve. It may be that the Federal Reserve is their only legal customer at the moment, but Congress could change that at any time.
In any case, I was treating the government as a whole. The constitution gives Congress both the power to tax and the power to issue money. They may delegate the different pieces of those powers to various different institutions, bureaus, and services, but I have considerable faith that they'll do whatever taxing and printing is necessary to make good on my treasury bills.
1
The legal structures are complicated...
Submitted by Philip Brewer on July 18, 2007 - 07:22.
But I would note that the Bureau of Engraving and Printing is part of the Treasury and not part of the Federal Reserve. It may be that the Federal Reserve is their only legal customer at the moment, but Congress could change that at any time.
In any case, I was treating the government as a whole. The constitution gives Congress both the power to tax and the power to issue money. They may delegate the different pieces of those powers to various different institutions, bureaus, and services, but I have considerable faith that they'll do whatever taxing and printing is necessary to make good on my treasury bills.