We also try to argue, though, that the Court has some ways to avoid confronting the hard policy implications of originalism. That is, there is indeed a constitutional basis for money powers and an independent Fed that an originalist could accept. 7/12

That basis is the borrowing power, along with the Public Debt Clause of the 14th Am. We show that, as the Court has recognized, the borrowing power requires that Congress be able to make credible commitments not to renege on its promises to creditors. 8/12