Yet time and again, creditors efforts to hold Congress to its word in court have failed, as the Court finally admitted in 1935. Not coincidentally, major reforms of the Fed followed a few months later. 9/12

In modern macroeconomics, independent central banks, not court-enforced promises, are what enables affordable sovereign borrowing. Thus we argue that Fed power over money is a necessary & proper implementation of the borrowing power. 10/12