[Pelham]

The Fed is now prohibited from purchasing bonds and bills directly from the Treasury, a practice which "monetizes the debt". The Fed can still purchase Treasury paper but has to buy them in the secondary market.

[jiggyboy]

The Fed is now prohibited from purchasing bonds and bills directly from the Treasury, a practice which "monetizes the debt". The Fed can still purchase Treasury paper but has to buy them in the secondary market.

That rivals the Democrats' statement that "Jack Abrahamoff didn't give us money from the tribes, he told the tribes to give the money to us" for the textbook entry for "a distinction without a difference".