[mpoulin]

Why can't the Treasury just make a couple $1,000,000,000,000 notes and pay the US deficit off?

Because a note is a promise to pay. You can't eliminate debt by issuing more debt.

[Chewbacca]

Exactly.

That's my point.

Fed Notes are borrowed into existance and a promise to pay. Basically a debt to the issuing bank.

Gold and silver have intrinsic value and hold their value as true money.

Paper money has no intrinsic value except people are forced to use it because of legal tender laws.

Paper money cannot pay off a debt, otherwise the US deficit would be paid off.

Of course, if the US Treasury department issued greenbacks interest free we wouldn't have to owe a bank anything.