FYI, I have heard that the US Treasury and the Secret Service are considering legal action against the Federal Reserve for check kiting.
After thinking about things a few days... "Consideration" is a legal principle. All contracts require value to be conveyed or that contract is null and void. Since the Fed kites checks, no value (consideration) was conveyed, so T-bonds are null and void. That puts the value of all Treasury bonds at $0. The result of that would destroy most of the investment banks and some insurance companies. Most member banks of the Federal Reserve keep their assets in commercial paper, so they would probably be ok. The value of the dollar will likely remain unaffected in the short-run (improving in the long run). That puts personal income taxes at $0. Interestingly, there is a strong legal argument that most mortgages would also go to close to $0. So... to recap: The Federal Reserve kites checks so it can be dissolved as a corporation. Govt bonds go to $0, thereby eliminating the national debt and personal income taxes. Interestingly enough, all Federal Reserve employees would be very attractive as employees to the US Treasury, FBI, and various Wall Street-type firms.
FYI, I think anyone in the public who are holding Treasury bonds could be compensated through Congress allowing persons who purchased Treasury bonds as a form of saving and for livelihood to be paid back from US Treasury funds. In my opinion, only those who hold Treasuries in their personal name (no corporations) would be refunded. This is due to their purchase of those bonds in faith and trust to their government. The US Treasury owes them that. Any and all corporations, however would not receive a single dime.
How many hot chicks does it take to pay off the datafeed controllers (CEOs or low-level programmers) of any central exchange? Hmm...
There's been complete radio silence on this 14 Trillion lien. What became of this issue. No one seems to know.
14 trillion happens to be the amount of the national debt. Coincidence? Can anyone shed light on this document?
Fed holds about $1.5 trillion face value of Federal notes and bonds, last I checked. You're off by an order of magnitude.