sit well with some that he does this, but that's the way Warren's been explaining all this for many years and I suspect that won't change much. In public settings, questions on these "constraints" inevitably arise and I have seen Warren on more than one occasion respond with an analogy of a person with his shoes tied together complaining that he can't run. I agree that 7DIF could use a rework on this point, as it's generating a lot of questions. It's tough to get past what we were taught, so maybe it can only go so far before it DOES generate questions (but generating questions can teach too). Here's how I see it: The "digits" that the Treasury funds the FRB's with came from nothing; they just made it up. There can't "deficit" of what didn't exist to begin with. So, the Treasury says to the FRB's (and therefore the private sector), you now have 400b "digits". This technically creates a "deficit" of 400b digits at the Treasury, but the Treasury has no "digits" to begin with. The numbers created when you pay your taxes are just an accounting convienience for the Treasury, to ensure that they pulled that many "digits" out of the private sector in order to control the economy. The taxes aren't important, it's the removal of private sector stimulus that's important. That's not to say you don't have a good point. As I said, I think the 7DIF needs a rework on this. It certainly